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Florida's Existing Housing Market Shows Improving Conditions in June 2008

ORLANDO, Fla., July 24 /PRNewswire/ -- Many Florida Realtors(R) statewide noted positive movement in their local housing markets in June, with an upswing in the statewide median price reported for both existing home sales and condominium sales over May 2008, according to the latest housing statistics released by the Florida Association of Realtors(R) (FAR).

The statewide existing-home median price in June was $205,500, up 1 percent from May's median price of $203,300. The median price of an existing condo last month was $183,700, also up 1 percent from May's figure of $181,800.

Nationally, existing home sales are expected to show some modest gains in the coming months, with a recovery predicted during the latter part of the year, according to the latest housing outlook from the National Association of Realtors(R) (NAR). "Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half," said NAR Chief Economist Lawrence Yun. "Price conditions vary tremendously, even within a locality."

In the year-to-year comparison, a total of 11,700 existing homes sold statewide last month while 12,276 homes sold in June 2007 for a decrease of 5 percent, according to FAR.Florida's median sales price for existing homes last month was $205,500; a year ago, it was $244,400 for a 16 percent decrease. But, looking back to June 2003, the statewide median sales price for single-family homes has increased 26.9 percent over the five-year-period, according to FAR records -- at that time, the statewide existing-home median price was $161,900. The median is the midpoint; half the homes sold for more, half for less.

In a year-to-year comparison for condos, 3,628 units sold statewide compared to 3,851 in June 2007 for a 6 percent decline. The statewide existing-condo median sales price last month was $183,700; in June 2007 it was $212,400 for a 14 percent decrease. NAR reported the national median existing condo price was $223,400 in May 2008.

The national median sales price for existing single-family homes in May 2008 was $206,700, down 6.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $384,840 in May; in Massachusetts, it was $322,500; inMaryland, it was $294,244; and inNew York, it was $210,000.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.32 percent, down from the average rate of 6.66 percent in June 2007, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Several ofFlorida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in June; a few MSAs also showed gains in condo sales. Realtors around the state reported heightened buyer interest in their markets, with a responding increase in telephone calls, home showings and other business activity.

Among the state's larger markets, the Orlando MSA reported a total of 1,641 homes sold in June compared to 1,595 homes a year ago for a 3 percent increase. The existing home median sales price was $219,500; a year ago, it was $258,100 for a 15 percent decrease. A total of 172 existing condos sold in the MSA last month compared to 188 condos the previous June for a decrease of 9 percent. The market's existing condo median price was $132,900; a year ago, it was $156,900 for a 15 percent decrease.

Two charts showing statistics forFlorida and its 20 MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in June 2008 to June 2007 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices June 2008 to June 2007 based on Realtor transactions.

The Florida Association of Realtors(R), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 125,000 members in 67 boards/associations.



                       Florida Sales Report - June 2008
                        Single-Family, Existing Homes

                                Realtor Sales          Median Sales Price
          Statewide &
         Metropolitan           June    June    %     June      June      %
       Statistical Areas        2008    2007   Chge   2008      2007     Chge
            (MSAs)
             STATEWIDE* (1)   11,700  12,276    -5  $205,500   $244,400  -16
    STATEWIDE-YEAR-TO-DATE    60,292  71,549   -16  $202,600   $240,300  -16
             Daytona Beach       550     632   -13  $170,200   $197,100  -14
           Fort Lauderdale       639     674    -5  $305,400   $382,000  -20
     Fort Myers-Cape Coral       719     558    29  $172,400   $253,900  -32
          Fort Pierce-Port
                 St. Lucie       452     316    43  $160,800   $237,100  -32
         Fort Walton Beach       235     274   -14  $223,800   $238,500   -6
            Gainesville (2)      N/A     N/A   N/A       N/A        N/A  N/A
              Jacksonville     1,013   1,270   -20  $197,000   $212,200   -7
     Lakeland-Winter Haven       265     313   -15  $151,100   $175,300  -14
     Melbourne-Titusville-
                  Palm Bay       473     497    -5  $166,400   $198,000  -16
                     Miami       442     469    -6  $293,200   $371,600  -21
           Marco Island (3)       47      43     9  $478,600   $530,600  -10
                     Ocala       191     284   -33  $150,500   $176,700  -15
                   Orlando     1,641   1,595     3  $219,500   $258,100  -15
               Panama City        96     148   -35  $200,000   $200,000    -
                 Pensacola       339     461   -26  $159,300   $168,000   -5
               Punta Gorda       196     218   -10  $141,000   $199,000  -29
     Sarasota-Bradenton (4)      591     567     4  $235,500   $293,800  -20
               Tallahassee       214     299   -28  $199,000   $215,100   -7
     Tampa-St. Petersburg-
                Clearwater     2,346   2,428    -3  $178,700   $220,900  -19
      West Palm Beach-Boca
                     Raton       744     764    -3  $334,300   $377,900  -12

    (1) * Statewide figure includes data from the Naples Board of Realtors.
    (2) Data from the Gainesville-Alachua County Association of Realtors was
        not available.
    (3) Data is only from the Marco Island Association of Realtors.
    (4) Data from the Manatee Association of Realtors was not available.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

This information is based on a survey of MLS sales levels fromFlorida's Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Association of Realtors and the University of Florida Bergstrom Center for Real Estate Studies.



                       Florida Sales Report - June 2008
                            Existing Condominiums

                                Realtor Sales          Median Sales Price
          Statewide &
         Metropolitan           June    June   %      June      June      %
       Statistical Areas        2008    2007  Chge    2008      2007     Chge
            (MSAs)
            STATEWIDE* (1)     3,628   3,851   -6   $183,700  $212,400   -14
    STATEWIDE-YEAR-TO-DATE    19,770  24,118  -18   $180,300  $215,200   -16
             Daytona Beach        89     102  -13   $247,700  $276,900   -11
           Fort Lauderdale       591     595   -1   $156,200  $194,100   -20
     Fort Myers-Cape Coral       159     194  -18   $207,600  $254,800   -19
          Fort Pierce-Port
                 St. Lucie        72      65   11   $165,000  $229,500   -28
         Fort Walton Beach        63      62    2   $421,400  $416,700     1
            Gainesville (2)      N/A     N/A  N/A        N/A       N/A   N/A
              Jacksonville       135     149   -9   $182,000  $173,200     5
     Lakeland-Winter Haven        14      12   17   $113,300  $120,000    -6
     Melbourne-Titusville-
                  Palm Bay       115     120   -4   $147,300  $202,200   -27
                     Miami       542     509    6   $275,600  $275,500     -
           Marco Island (3)       47      57  -18   $441,700  $358,300    23
                     Ocala         3       9  -67    $75,000  $110,000   -32
                   Orlando       172     188   -9   $132,900  $156,900   -15
               Panama City        52      58  -10   $280,000  $300,000    -7
                 Pensacola        39      46  -15   $368,800  $180,000   105
               Punta Gorda        18      31  -42   $160,000  $150,000     7
     Sarasota-Bradenton (4)      171     226  -24   $255,000  $296,900   -14
               Tallahassee        13      30  -57   $122,000  $126,700    -4
     Tampa-St. Petersburg-
                Clearwater       521     654  -20   $147,100  $165,900   -11
      West Palm Beach-Boca
                     Raton       577     529    9   $153,200  $201,500   -24

    (1) *Statewide figure includes data from the Naples Board of Realtors.
    (2) Data from the Gainesville-Alachua County Association of Realtors was
        not available.
    (3) Data is only from the Marco Island Association of Realtors.
    (4) Data from the Manatee Association of Realtors was not available.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

SOURCE Florida Association of Realtors(R)

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