Florida’s existing home sales rose in June, marking the 10th consecutive month that sales activity showed gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors.
The Jacksonville market has a strong month as well, with an 18 percent increase in home sales and even an increase — albeit very small — in condo sales.
Statewide sales in June also increased over the previous month’s sales level in both the existing home and existing condominium markets. And, for the second month in a row, the statewide median sales price for existing homes was higher than the previous month’s statewide median.
Existing home sales rose 28 percent in Florida with 15,850 homes sold statewide compared to 12,339 homes sold in June 2008, according to FAR. Statewide existing home sales in June increased 13.8 percent over May’s statewide activity.
In the Jacksonville area, 1,180 homes were sold compared to 1,030 in the previous year.
Florida Realtors also reported a 39 percent rise in statewide sales of existing condos in June; existing condo sales rose 8.3 percent over the total units sold in May.
In Florida’s year-to-year comparison for condos, 5,241 units sold statewide compared to 3,771 units in June 2008 for a 39 percent increase. The statewide existing condo median sales price was $112,900; in June 2008 it was $180,400 for a 37 percent decrease. The national median existing condo price was $173,800 in May 2009, according to NAR.
The Jacksonville area had the barest of gains: 136 sold versus 135 in June 2008.
Sixteen of Florida’s metropolitan statistical areas reported increased existing-home sales in June and 14 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for the past 12 months.
Florida’s median sales price for existing homes was $148,000; a year ago, it was $205,300 for a 28 percent decrease. However, the statewide existing home median price in June increased 2.49 percent over May’s median price; it also was higher than the statewide median price reported each month since the start of 2009.
According to housing industry analysts with the National Association of Realtors, sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. 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 May 2009 was $172,900, down 16.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $284,000 in May; in California, it was $267,570; in Maryland, it was $265,724; and in New York, it was $189,000.
NAR’s latest housing industry outlook notes the $8,000 tax credit for first-time homebuyers is boosting the sector.
