Good news: single-family existing home sales rose in Florida for the first time in more than two years.
Bad news: not in North Florida.
The state numbers showed a small positive with six more homes sold in July 2008 than in July 2007 but the sales were still down in this area, with a 23 percent drop in home sales and 37 percent fall in condo sales.
A total of 11,498 existing homes sold statewide in July while 11,492 homes sold in July 2007, maintaining the same level of sales activity in the year-to-year comparison, according to the Florida Association of Realtors.
The last time statewide sales of existing homes outpaced the previous year’s sales figure was in the year-end 2005 report, according to FAR records, when sales were up 2 percent over year-end 2004.
The dollars weren’t up, however.
Florida’s median sales price for existing homes was $193,600; a year ago, it was $238,900 for a 19 percent decrease. But, looking back to July 2003, the statewide median sales price for single-family homes has increased 18 percent over the five-year-period, according to FAR records — at that time, the statewide existing-home median price was $164,000. The median is the midpoint; half the homes sold for more, half for less.
There were 831 homes sold in the Jacksonville area compared to 1,037 in same month of the previous year. The average sale was $180,800, down slightly from the comparative figure of $193,100.
Condo sales went from 134 to 84 and the price also dropped, with July 2008’s average price at $148,000. That was well below the July 2007 price of $170,000.
Interest rates for a 30-year fixed-rate mortgage averaged 6.43 percent in July, down from the average rate of 6.70 percent in July 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
More than half of Florida’s metropolitan statistical areas reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales. Realtors around the state reported increased business activity, including more telephone calls, more home showings and a rise in pending sales.
