For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors.
A total of 10,817 existing homes sold statewide in the month compared to the 8,725 homes sold in September 2007. While Jacksonville was a virtual wash, with two fewer homes sold, it portends an upward change in the market.
The last time the association reported higher statewide existing single-family home sales was for year-end 2005. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.
In condos, 2,878 units sold statewide compared to 2,595 sold in September 2007 for an 11 percent increase. The statewide existing condo median sales price was $153,800; in September 2007 it was $197,000 for a 22 percent decrease.
Fourteen of Florida’s metropolitan statistical areas reported increased sales of existing homes in September; nine MSAs also showed gains in condo sales, marking the third month in a row that a number of markets have noted higher sales activity.
“This is the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months),” says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. “This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.”
Snaith noted that September 2007 was a volatile time for the housing industry.
“The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007,” he explained. “That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007.”
