Sales of existing homes in Florida rose 27 percent in April, which means that sales activity has increased in the year-to-year comparison for 20 months, according to the latest housing data released by Florida Realtors. Another positive sign: the statewide existing-home median price of $140,100 was one percent higher than the statewide median price in April 2009.
The Jacksonville market has responded as well, according to the association statistics. Home and condo sales were up dramatically over last year and the home prices inched closer than past numbers. Condo prices continued to be far down, however.
Existing home sales statewide rose 27 percent with a total of 16,781 sold statewide compared to 13,244 sold in April 2009.
In the Jacksonville market, there were 1,270 sales, a 56 percent increase. The median price was $142,700, a six percent drop from last year.
Statewide existing home sales increased nearly three percent over statewide sales activity in March. Meanwhile, April’s statewide existing-home median price was 2.3 percent higher than March’s statewide existing-home median price of $137,000. It marks the second month in a row that the statewide existing-home median price has increased over the previous month’s median.
“Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida,” said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty in Jacksonville. “And buying conditions remain favorable, with a variety of housing options available in local markets at attractive and affordable prices. Plus, current mortgage interest rates are at historically low levels, which gives buyers more ‘bang’ for their buck.”
Florida Realtors also reported a 55 percent increase in statewide sales of existing condos in April compared to the previous year’s sales figure; statewide existing condo sales rose two percent over the total units sold in March. Though April’s statewide existing-condo median price of $103,600 was down three percent compared to the year-ago figure, it was 6.9 percent higher than March’s statewide existing-condo median price.
In the Jacksonville market, condo sales were up 173 percent but the prices dropped 45 percent.
Seventeen of Florida’s metropolitan statistical areas reported increased existing home sales in April while all but one MSA had higher condo sales. A majority of the state’s MSAs have reported increased sales for 22 consecutive months.
Florida’s median sales price for existing homes last month was $140,100; a year ago, it was $138,100 for a one percent gain. The median is the midpoint; half the homes sold for more, half for less.
In Florida’s year-to-year comparison for condos, 7,291 units sold statewide compared to 4,703 units in April 2009 for an increase of 55 percent. The statewide existing condo median sales price was $103,600; in April 2009 it was $107,200 for a three percent decrease. The national median existing condo price was $170,600 in March, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.10 percent in April, up from the average rate of 4.81 percent during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
The national median sales price for existing single-family homes in March 2010 was $170,700, up 0.6 percent from a year earlier, according to the National Association of Realtors.
According to NAR’s latest outlook, two trends are influencing a broader stabilization of home prices in housing markets across the nation: months of increased sales activity and lower levels of inventory.
“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” said NAR Chief Economist Lawrence Yun. “With home values stabilizing, a revival in homebuying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears.”
