For the second month in a row, Florida’s existing home sales rose in October, with Florida Realtors reporting a 15 percent increase in activity in the year-to-year comparison. And, sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors.
The Jacksonville market had its best showing in more than two years with home sales almost at the same level. For the month, there were 774 reported home sales compared to last year’s 778. The prices, however, were off 8 percent from a $184,200 average down to $169.700.
A total of 10,443 existing homes sold statewide, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.
Thirteen of Florida’s metropolitan statistical areas reported increased existing-home sales in October; seven MSAs also showed gains in condo sales, marking the fourth consecutive month that a number of markets have noted higher sales activity.
Florida’s median sales price for existing homes was $169,700; a year ago, it was $222,200 for a 24 percent decrease. The median is the midpoint; half the homes sold for more, half for less.
In Florida’s year-to-year comparison for condos, 2,956 units sold statewide compared to 2,805 sold in October 2007 for a 5 percent increase. The statewide existing condo median sales price was $147,600; in October 2007 it was $192,300 for a 23 percent decrease.
The Jacksonville market lagged behind with 54 reported sales compared to 76.
In the latest data available, NAR reported the national median existing condo price was $199,400 in September 2008.
Among the state’s large to medium-size markets, the Miami MSA reported a total of 453 homes sold in October compared to 367 homes a year ago for a 23 percent increase. The existing home median sales price was $246,800; a year ago, it was $354,800 for a 30 percent decrease. In the year-to-year comparison for the existing condo market, a total of 439 units sold in the MSA last month, up 1 percent compared to 436 condos sold the previous October. The market’s existing condo median price was $197,400; a year ago, it was $268,300 for a 26 percent decrease.
