From Florida Association of Realtors
For the second month in a row, several of Florida’s metropolitan statistical areas reported increased sales of both existing single-family homes and existing condos in August 2008, according to the latest housing statistics released by the Florida Association of Realtors. Unfortunately, the Jacksonville area wasn’t one of them.
The Jacksonville area was down across the board with 831 home sales for an 18 percent decrease, $184,900 home price for a 6 percent decrease, 78 condo sales for a 40 percent drop and an 8 percent reduction in condo prices at $142,700.
A total of 10,847 existing homes sold statewide in August while 11,282 homes sold in August 2007, a decrease of 4 percent in the year-to-year comparison, according to FAR. Florida’s median sales price for existing homes was $186,900; a year ago, it was $234,100 for a 20 percent decrease. But, looking back to August 2003, the statewide median sales price for single-family homes at that time was $163,600 - an increase of 14.2 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in July 2008 was $210,900, down 7.7 percent from a year earlier, according to NAR. In California, the statewide median resales price was $350,760 in July; in Massachusetts, it was $326,500; in Maryland, it was $303,959; and in New York, it was $229,000.
In a year-to-year comparison for condos, 3,214 units sold statewide compared to 3,428 in August 2007 for a 6 percent decline. The statewide existing condo median sales price August was $158,000; in August 2007 it was $197,400 for a 20 percent decrease. In the latest data available, NAR reported the national median existing condo price was $223,400 in July 2008.
The latest housing outlook from the National Association of Realtors predicts that existing home sales nationwide will improve in the coming months, though the speed and timing of a recovery depends on local market conditions.
Interest rates for a 30-year fixed-rate mortgage averaged 6.48 percent, down from the average rate of 6.57 percent in August 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
