North Florida home sales rose for the fourth straight year according to numbers released by the state’s real estate association.
There were 13,807 homes sold in this area last year as the totals continued to creep toward the 2003 total of 14,072, the first year that numbers were compiled.
Statewide, it was the third year of increase.
Looking back on 2011, Florida’s existing home sales rose 8 percent for the year, with a total of 185,921 homes sold compared to 172,462 homes sold in 2010. The North Florida number compared to the 13,373 in 2010.
“Florida’s economy is continuing to strengthen, which is good news,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Many people are hoping to take advantage of the current record low mortgage rates and affordable conditions to find their Florida dream home – but overly restrictive lending requirements continue to create barriers to homeownership for qualified homebuyers. To re-energize the housing market and the economic recovery, we need improved access to affordable financing options for qualified buyers and investors.”
December’s numbers also were up over a year ago with a 6 percent increase. prices continued to be down with a 6 percent decrease over December 2010.
“Our expectation is that recovery will continue through 2012,” said Florida Realtors Chief Economist Dr. John Tuccillo. “The major obstacle in the market is the inadequate accessibility to financing. Prices are moderating, but we don’t expect too much movement owing to the continuing significance of distressed properties.”
In the year-to-year comparison for statewide existing condo sales, a total of 6,836 units changed hands compared to 6,985 condos sold in December 2010 for a decrease of 2 percent. The statewide existing condo median sales price in December was $91,900, up 4 percent from the $88,400 reported a year earlier. The national median existing condo price was $160,000 in December, according to NAR.
In December, the interest rate for a 30-year fixed-rate mortgage averaged 3.96 percent, down from the 4.71 percent average during the same month a year earlier, according to Freddie Mac. The annual average rate for a 30-year mortgage in 2011 was 4.45 percent. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
— Evans