State sales rise for 3rd straight month

Realty Builder

The state sales outlook brightened in the most recent reports although the Jacksonville area continued to fall behind the 2007 pace.

For the third month in a row, Florida’s existing home sales rose in November with Florida Realtors reporting a 4 percent increase in activity in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors.

A total of 8,571 existing homes sold statewide compared to 8,269 homes sold in November 2007, according to FAR. In September and October, Florida Realtors reported higher statewide existing home and existing condo sales compared to the year-ago levels.

In the Jacksonville area, home sales were off 12 percent and prices were down 12 percent.

Nine of Florida’s metropolitan statistical areas reported increased existing-home sales in November; seven MSAs also showed gains in condo sales, marking the fifth consecutive month that a number of markets have noted higher sales activity.

Florida’s median sales price for existing homes was $158,300; a year ago, it was $217,000 for a 27 percent decrease. 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 October 2008 was $181,800, down 11.2 percent from a year earlier, according to the National Association of Realtors. In California, the statewide median resales price was $311,060 in October; in Massachusetts, it was $294,950; in Maryland, it was $274,081; and in New York, it was $210,000.

In Florida’s year-to-year comparison for condos, 2,278 units sold statewide compared to 2,474 sold in November 2007 for an 8 percent decrease. The statewide existing condo median sales price in November was $130,600; in November 2007 it was $185,600 for a 30 percent decrease.

In the Jacksonville area, sales were off 23 percent and prices were down 3 percent.

In the latest data available, NAR reported the national median existing condo price was $193,000 in October 2008.

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