Florida Realtors reported an upswing in existing homes and condominium sales from March to April, according to the latest housing statistics released by the Florida Association of Realtors.
Jacksonville also saw a slight increase in home sales. There were 822 single-family, existing homes sold in March compared to 857 in April.
A total of 11,200 existing single-family homes changed hands in April, a 20 percent increase over March when 9,330 homes sold. Existing condo sales statewide rose 21.6 percent, with 3,900 units sold in April compared with 3,207 condos in March.
In the latest National Association of Realtors housing outlook, Chief Economist Lawrence Yun predicts that home sales and prices throughout most of the nation will improve in the second half of the year, especially if access to mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac increases.
“There are many reasons for people to get into the housing market today and very few reasons not to,” said Yun. “With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions are rip for buyers.” In the year-to-year comparison, a total of 11,200 existing homes sold statewide in April while 12,358 homes sold in April 2007 for a decrease of 9 percent, according to FAR. Florida’s median sales price for existing homes in April was $198,900; a year ago, it was $239,000 for a 17 percent decrease.
In April, interest rates for a 30-year fixed-rate mortgage averaged 5.92 percent, down from the average rate of 6.18 percent in April 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
