Florida Realtors statewide continued to report positive signs in their local housing markets with an uptick in existing home and condominium sales in May 2008 from April, according to the latest housing statistics released by the Florida Association of Realtors.
A total of 12,175 existing single-family homes sold in May, up 8.7 percent over the previous month when 11,200 homes changed hands statewide. Existing condo sales statewide rose 3 percent, with a total of 4,018 units sold in May compared with 3,900 condos in April.
The median price for both existing single-family homes and existing condos increased slightly as well during the one-month period. The existing-home median price in May was $203,300, up 2.2 percent from April’s median price of $198,900. The median price of an existing condo last month was $181,800, up 1.5 percent from April’s figure of $179,200.In the latest National Association of Realtors housing outlook, Chief Economist Lawrence Yun noted that pending sales contracts have increased markedly in areas experiencing significant price drops.
“Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said. “Sharp price reductions are leading to a quicker discovery of price equilibrium points.” Pending sales are based on contracts signed but not yet closed.
In the year-to-year comparison, a total of 12,175 existing homes sold statewide in May while 12,882 homes sold in May 2007 for a decrease of 5 percent, according to FAR. Florida’s median sales price for existing homes in May was $203,300; a year ago, it was $239,000 for a 15 percent decrease.
But, looking back to May 2003, the statewide median sales price for single-family homes has increased about 34.5 percent over the five-year-period, according to FAR records – at that time, the statewide existing-home median price was $151,200. The median is the midpoint; half the homes sold for more, half for less.
In a year-to-year comparison for condos, 4,018 units sold statewide compared to 4,458 in May 2007 for a 10 percent decline. The statewide existing-condo median sales price was $181,800; in May 2007 it was $210,200 for a 14 percent decrease. NAR reported the national median existing condo price was $214,900 in April 2008.
The picture wasn’t as good for the Jacksonville market as home sales were off 21 percent and prices were down 7 percent. Condo sales were off 54 percent and down 12 percent in price. (See accompanying charts).
The national median sales price for existing single-family homes in April 2008 was $200,700, down 8.5 percent from a year earlier, according to NAR. In California, the statewide median resales price was $403,870 in April; in Massachusetts, it was $314,900; in Maryland, it was $292,447; and in New York, it was $215,000.
Interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from the average rate of 6.26 percent in May 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
