Florida real estate sales closed the year on a high note that finished off an increased sales year overall.
The state’s existing home sales rose in December, marking 16 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors, and the year-end report showed a 31 percent increase over 2008.
The Jacksonville area figures also were strong with a 25 percent increase in home sales for December and a 21 percent increase for the year.
Prices were down, as expected, with a 29 percent reduction from December to December and a 16 percent for the overall year.
The state association also reported a 91 percent increase in statewide sales of existing condos in December compared to the previous year’s sales figure; the Jacksonville market had a 153 percent increase.
In the year-to-year comparison for condos, there was a 47 percent increase for the state and a 38 percent jump for the Jacksonville area.
According to NAR’s latest outlook, home sales are seeing a boost from the federal homebuyer tax credit. “There are many more potential buyers who can enter the market in the months ahead,” said NAR Chief Economist Lawrence Yun. “Activity should ramp up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires, and balance should be restored to the housing sector with inventories continuing to decline.”
Interest rates for a 30-year fixed-rate mortgage averaged 4.93 percent in December, significantly lower than the average rate of 5.29 percent in December 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.