Sales of existing homes in Florida rose 18 percent in May, marking 21 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors.
A total of 16,745 single-family existing homes sold statewide compared to 14,172 homes sold in May 2009, according to Florida Realtors. The Jacksonville market was slightly above the state percentage with 1,303 sold for a 23 percent increase.
The statewide existing-home median price of $140,400 in May was slightly higher - by $300 - than April’s statewide existing-home median price of $140,100. Jacksonville also topped that with an average of $145,000.
Seventeen of Florida’s metropolitan statistical areas reported higher existing home and existing condo sales in May. A majority of the state’s MSAs have reported increased sales for 23 consecutive months.
Florida’s median sales price for existing homes was $140,400; a year ago, it was $143,800 for a decrease of 2 percent. The median is the midpoint; half the homes sold for more, half for less. In Jacksonville, the drop was more at 13 percent.
The national median sales price for existing single-family homes in April 2010 was $173,400, up 4.5 percent from a year earlier, according to the National Association of Realtors. In California, the statewide median resales price was $306,230 in April; in Massachusetts, it was $295,000; in Maryland, it was $244,943; and in New York, it was $197,000.
In Florida’s year-to-year comparison for condos, 6,779 units sold statewide compared to 4,845 units in May 2009 for an increase of 40 percent. The Jacksonville market showed 208 sales for a 53 percent increase.
The statewide existing condo median sales price was $98,700; in May 2009 it was $113,500 for a 13 percent decrease. The national median existing condo price was $171,000 in April, according to NAR. In Jacksonville, the average sale price was $79,500, a 43 percent decrease over the previous year.
Interest rates for a 30-year fixed-rate mortgage averaged 4.89 percent in May, close to the 4.86 percent averaged during May 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
