Many Florida Realtors statewide noted positive movement in their local housing markets in June with an upswing in the statewide median price reported for both existing home sales and condominium sales over May 2008, according to the latest housing statistics released by the Florida Association of Realtors.
The Jacksonville market saw a positive gain only in condo prices, which rose 5 percent. Condo sales were down 9 percent while home sales were off 20 percent and prices were off 7 percent.
The statewide existing-home median price in June was $205,500, up 1 percent from May’s median price of $203,300. The median price of an existing condo was $183,700, also up 1 percent from May’s figure of $181,800.
In the year-to-year comparison, a total of 11,700 existing homes sold statewide in June while 12,276 homes sold in June 2007 for a decrease of 5 percent, according to FAR.
Florida’s median sales price for existing homes was $205,500; a year ago, it was $244,400 for a 16 percent decrease. But, looking back to June 2003, the statewide median sales price for single-family homes has increased 26.9 percent over the five-year-period, according to FAR records — at that time, the statewide existing-home median price was $161,900. The median is the midpoint; half the homes sold for more, half for less.
In a year-to-year comparison for condos, 3,628 units sold statewide compared to 3,851 in June 2007 for a 6 percent decline. The statewide existing-condo median sales price was $183,700; in June 2007 it was $212,400 for a 14 percent decrease. NAR reported the national median existing condo price was $223,400 in May 2008.
Interest rates for a 30-year fixed-rate mortgage averaged 6.32 percent, down from the average rate of 6.66 percent in June 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
