Florida Realtors statewide reported slight gains in existing home and condominium sales from February to March, according to the latest housing statistics released by the Florida Association of Realtors.
Jacksonville saw a slight increase in home sales in March compared to February: 822 sales to 687. Jacksonville dropped 37 percent over the previous year with 822 sales compared to 1,314 in March 2007.
A total of 9,142 existing single-family homes changed hands in March, a 10 percent increase over the previous month when 8,310 homes sold. Existing condo sales statewide rose 13.7 percent, with 3,145 units sold in March compared with 2,765 condos in February.
The median price for both housing types increased slightly as well during the one-month period. The median price of an existing single-family home reached $205,600 in March, compared with $198,900 the previous month. The median price of an existing condo rose to $176,600 in March from $175,600 in February.
In the latest National Association of Realtors housing outlook, Chief Economist Lawrence Yun said, “Existing home sales could start to show a sustained increase within a few months unless there are some additional economic problems or excessive pressure. We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets.
Interest rates for a 30-year fixed-rate mortgage averaged 5.97 percent in March, down from the average rate of 6.16 percent in March 2007, according to Freddie Mac.
FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
