Mirroring the national trend, turmoil in the mortgage market impacted Florida’s housing sector in September despite continued low unemployment rates and other positive economic activity. Statewide, sales of existing single-family homes totaled 8,688 while 14,044 homes sold in September 2006 for a decrease of 38 percent in the year-to-year comparison, according to the Florida Association of Realtors.
Housing industry analysts previously predicted that mortgage disruptions would affect home sales in September. The National Association of Realtors’ latest market outlook expects conditions for the mortgage industry to improve in the coming months and that widening credit availability will help homebuyers.
Keeping the current housing market in perspective, 2007 will be the fifth highest year on record for existing-home sales, says NAR Senior Economist Lawrence Yun. “Although sales are off from an unsustainable peak in 2005, there is a historically high level of home sales taking place this year,” he says. “One out of 16 American households is buying a home this year.”
Florida’s median sales price for existing single-family homes was $221,200; a year ago, it was $243,300 for a 9 percent decrease. (The median is the midpoint; half the homes sold for more, half for less.) In September 2002, the statewide median sales price for single-family homes was $139,600, for an increase of 58.5 percent over the five-year-period, according to FAR records.
Sales of existing condominiums in Florida also decreased with a total of 2,557 condos sold statewide compared to 4,032 in September 2006 for a 37 percent decline, according to FAR. The statewide median sales price for condos last month was $194,200, down 4 percent from September 2006’s condo median price of $202,800. NAR reported the national median existing condo price was $228,500 in August 2007.
Among the state’s larger markets, the Jacksonville Metropolitan Statistical Area reported 878 existing homes sold compared to 1,191 homes sold a year ago for a 26 percent decrease. The market’s median sales price for homes was $194,800; it was $190,800 in September 2006 for a 2 percent increase. A total of 113 existing condos changed hands in the MSA, down 14 percent from the 132 condos sold the previous year. The existing condo median sales price in September was $162,700; a year ago, it was $185,500 for a 12 percent decrease.
