Sales of existing condominiums in Florida rose 11 percent in July, with a total of 5,557 condos sold statewide compared to 4,991 units sold in July 2009, according to the latest housing data released by Florida Realtors.
Eleven of Florida’s metropolitan statistical areas, including Jacksonville, reported higher existing condo sales in July, according to the real estate association.
The statewide existing condo median sales price was $87,200; in July 2009 it was $108,500 for a 20 percent decrease. In the Jacksonville MSA, there were 44 percent more sales but a 39 percent drop in price.
The national median existing condo price was $181,300 in June, according to the National Association of Realtors.
In the year-to-year comparison for existing home sales, a total of 13,589 single-family existing homes sold statewide compared to 15,762 homes sold in July 2009 for a decrease of 14 percent. Jacksonville’s sales were off slightly at 5 percent while prices were down 9 percent.
Florida’s median existing-home sales price in July was $138,000; a year earlier, it was $147,600 for a decrease of 7 percent. The median is the midpoint; half the homes sold for more, half for less.
“The homebuyer tax credit expiration added a double dip to what has already been a harrowing ride in the Florida housing market,” said Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “As we move past this second dip, which is evident in the July data, the continued recovery of the state’s housing market will be contingent upon the improvement of the fundamental underpinnings of the housing sector.
“A healthy housing market depends upon a healthy Florida economy, and in particular, an improving labor market. Job growth and a declining unemployment rate will help sales continue to grow while at the same time reducing the number of foreclosures in Florida.”
More jobs continue to be key to the housing sector’s recovery, according to NAR’s latest industry outlook.
“There could be a couple of additional months of slow home sales activity before picking up later in the year, provided the job market continues to improve,” said NAR Chief Economist Lawrence Yun.