Statewide sales of existing single-family homes in Florida totaled 12,607 in May and were more in line with activity in May 2002 — prior to the housing boom years — than the May 2006 figures of 19,072 homes sold for a 34 percent decrease in the year-to-year comparison, according to the Florida Association of Realtors.
Florida’s median sales price for existing single-family homes in May was $237,000; a year ago, it was $250,100 for a 5 percent decrease. (The median is the midpoint; half the homes sold for more, half for less.) In May 2002, the statewide median sales price for single-family homes was $137,100, for an increase of 72.9 percent over the five-year-period, according to FAR records.
Sales of existing condominiums in Florida also decreased last month, with a total of 4,090 condos sold statewide compared to 5,671 in May 2006 for a 28 percent decline, according to FAR. The statewide median sales price for condos last month was $202,500, down 4 percent from May 2006’s condo median price of $210,800. NAR reported the national median existing condo price was $223,700 in April 2007.
In the Jacksonville area, homes sales were off 27 percent and prices were flat; condo sales were down 31 percent and prices were off 9 percent.
Home sales are projected to move in a relatively narrow range with a gradual upturn becoming more pronounced by the end of 2007, according to NAR’s latest market outlook.
“Overall housing levels are historically strong, but sales remain sluggish compared to the recent boom,” says NAR Senior Economist Lawrence Yun. “It’s important to keep in mind that all real estate is local, and many markets are expected to have higher sales and strengthening prices during the second half of this year.”
Interest rates for a 30-year fixed-rate mortgage averaged 6.26 percent in May, according to Freddie Mac, lower than the average rate of 6.60 percent in May 2006.
FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
