Published:
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.
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.
SOURCE Florida Association of Realtors(R)
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