Sales activity and median prices for Florida’s existing home and existing condo markets rose in August, according to the latest housing data compiled by Florida Realtors.
Existing home sales increased 15 percent last month with a total of 16,206 homes sold statewide compared to 14,131 homes sold in August 2010. The Jacksonville area was almost the same with a 13 percent increase from 1,177 to 1,326.
The statewide median sales price for existing homes last month was $137,500, up 2 percent from the year-ago figure of $134,900. August’s statewide existing home median price was also slightly higher than it was in July. In the Jacksonville market, it was almost the same as last year: around $142,000.
In Florida’s year-to-year comparison for condos, 7,098 units sold statewide compared to 6,041 units in August 2010 for an increase of 17 percent. This wasn’t reflected in the Jacksonville market which was a wash: 233 sold in 2010, 233 sold this August.
The statewide existing condo median sales price last month was $91,100; in August 2010 it was $81,500 for a 12 percent increase. In Jacksonville, there was a 5 percent decline in price to $77,800.
According to analysts with the National Association of Realtors, sales of foreclosures and other distressed properties continue to downwardly distort 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.
Fifteen of Florida’s metropolitan statistical areas reported higher existing home sales in August; 15 MSAs also had higher existing condo sales. (See charts.)
NAR’s latest industry outlook notes that despite high affordability conditions, sales activity is underperforming, partially as a result of overly restrictive lending standards.