Florida’s existing home sales rose in May, the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors.
It also was a good month of the Jacksonville area with increases in both home and condo sales.
Statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month’s figure.
Existing home sales rose 16 percent with 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR.
In the Jacksonville area, there were 1,002 homes sold for an increase of 7 percent.
Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales rose 3.8 percent over the total units sold in April.
Jacksonville shows a 36 percent increase with 136 condos sold.
Thirteen of Florida’s metropolitan statistical areas reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 11 consecutive months.
Florida’s median sales price for existing homes was $144,400; a year ago, it was $203,800 for a 29 percent decrease.
However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months.
According to housing industry analysts with the National Association of Realtors, sales of foreclosures and other distressed properties continue to lower 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.
