Turmoil in the mortgage market continued to impact Florida’s housing sector in February.
Jacksonville suffered one of its worst drops in history, going down 41 percent over the previous year with 687 sales compared to 1,141 in February 2007.
Statewide, sales of existing single-family homes totaled 8,310 against 11,132 homes sold in February 2007 for a decrease of 25 percent in the year-to-year comparison, according to the Florida Association of Realtors.
According to the latest forecast by the National Association of Realtors, the volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas.
NAR Chief Economist Lawrence Yun says, “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions. Therefore, a notable rise in home sales can be anticipated in the second half of the year.”
Florida’s median sales price for existing single-family homes was $198,900; a year ago, it was $237,000 for a 16 percent decrease. (The median is the midpoint; half the homes sold for more, half for less.) In February 2003, the statewide median sales price for single-family homes was $140,500, an increase of about 41.6 percent over the five-year-period, according to FAR records.
Sales of existing condominiums in Florida also decreased with 2,765 sold statewide compared to 3,375 in February 2007 for an 18 percent decline, according to FAR. The Jacksonville numbered reflected another drop with 92 sold, a 12 percent drop.
The statewide median sales price for condos was $175,600, down 20 percent from February 2007’s condo median price of $218,900. NAR reported the national median existing condo price was $220,400 in January 2008.
Interest rates for a 30-year fixed-rate mortgage averaged 5.92 percent, down from the average rate of 6.29 percent in February 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
