January 21, 2012
Florida's
Existing Home and Condo Sales Down in December 2011, But
Sales Activity Higher Overall For 2011
Courtesy of The
Goulding Report
At the close of 2011, Florida's
existing home and condominium markets reported higher sales
compared to the previous year, according to the latest
housing data released by Florida Realtors®. It was the
third consecutive year for statewide home and condo sales
activity to end the year on a positive upswing – higher
year-over-year sales also were reported at the close of 2010
and 2009, records show.
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 statewide existing home median price for 2011
was $131,700;
it was $135,900 in
2010 for a 3 percent decrease. In Florida's
condo market, a total of 87,581 units sold statewide in
2011, a gain of 15 percent compared to 76,209 units sold in
2010. The statewide existing condo median price in 2011 was $88,300;
it was $90,000 in
2010 for a 2 percent decrease.
Sixteen of Florida's
metropolitan statistical areas (MSAs) reported higher
existing home sales at the close of 2011 compared to 2010;
the same number of MSAs also reported higher existing condos
sales.
"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."
In December, a total of 15,290 existing single-family homes
sold statewide, a decrease of 2 percent from the 15,546
homes sold in December
2010. The statewide existing home median sales price
last month was $134,300,
up 1 percent from the$133,000 reported
in December
2010, according to Florida Realtors' data. The
national median existing single-family home price was $165,100 in
December, according to the National Association of
Realtors® (NAR). The median is the midpoint; half the homes
sold for more, half for less.
In the year-to-year comparison for statewide existing condo
sales, a total of 6,836 units changed hands last month,
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.
"Although sales were down slightly in December, they're up
strongly for the year, which reinforces the reality that Florida is
in a slow real estate recovery," said Florida Realtors Chief
Economist Dr. John
Tuccillo.
"Our expectation is that recovery will continue through
2012. 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 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.
For more information on Real Estate in Northwest
Florida, and these complete real estate sales reports in PDF
format, visit www.RealEstateRealityCheck.info.
View December 2011 Home sales
View December 2011 Condo sales
View Year-End 2011 Home sales
View Year-End 2011 Condo sales
* * * * *
August
19, 2011
Florida’s
Existing Home, Condo Sales Up in July 2011
Florida’s
existing home and existing condo sales rose in July,
according to the latest housing data released by Florida
Realtors®.
Existing
home sales increased 12 percent last month with a total of
15,517 homes sold statewide compared to 13,874 homes sold in
July 2010, according to Florida Realtors. Statewide sales of
existing condos last month also rose 12 percent compared to
the year-ago sales figure.
“Realtors
in markets across the state are reporting increased activity
from potential homebuyers who are ready to advantage of
historically low mortgage rates and current availability of
affordable housing options,” said 2011 Florida Realtors
President Patricia Fitzgerald, manager/broker-associate with
Illustrated Properties in Hobe Sound and Mariner Sands
Country Club in Stuart.
Fifteen of
Florida’s metropolitan statistical areas (MSAs) reported
higher existing home sales in July; 13 MSAs had higher
existing condo sales.
The
statewide median sales price for existing homes last month
was $136,500; a year ago, it was $137,700 for only a 1
percent decrease. Analysts with the National Association of
Realtors® (NAR) note that 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.
The
national median sales price for existing single-family homes
in June 2011 was $184,600, up 0.6 percent from a year ago,
according to NAR. In Massachusetts, the statewide median
resales price was $325,850 in June; in California, it was
$295,300; in Maryland, it was $247,100; and in New York, it
was $221,595.
In
Florida’s year-to-year comparison for condos, 6,619 units
sold statewide last month compared to 5,904 units in July
2010 for an increase of 12 percent. The statewide existing
condo median sales price last month was $90,900; in July
2010 it was $87,800 for a 4 percent increase. NAR notes the
national median existing condo sales price was $182,300 in
June 2011.
Economic
uncertainty continued to impact the recovery of the housing
sector, according to NAR’s latest industry outlook. NAR
Chief Economist Lawrence Yun pointed to overly restrictive
lending requirements, low appraisals and federal budget
issues as factors affecting the pace of sales activity.
Economic
and political worries also dampened the outlook for
Florida’s real estate markets, according to the University
of Florida’s Bergstrom Center for Real Estate Studies’
latest quarterly survey of real estate trends. The report
surveys economists, industry executives, real estate
scholars, researchers and other experts.
“Even
though unemployment in Florida improved in many markets, the
pace of change and the still-high levels are affecting the
pace of improvements in the real estate markets,” said
Center Director Tim Becker. “Consumers continue to be
cautious and pessimistic about their own spending, which is
also affecting the rate of fundamental improvement.”
According
to Freddie Mac, the interest rate for a 30-year fixed-rate
mortgage averaged 4.55 percent in July, about the same level
as the 4.56 percent average during the same month a year
earlier. Florida Realtors’ sales figures reflect closings,
which typically occur 30 to 90 days after sales contracts
are written.
View
July 2011 Home sales
View
July 2011 Condo sales
For more
info visit
www.RealEstateRealityCheck.info
* * * * *
July 21,
2011
Florida’s Existing Condo Sales, Median Price
Up in June 2011
Florida’s existing condo sales rose 8 percent
in June with a total of 7,941 units sold statewide compared
to 7,330 sold in June 2010, according to the latest housing
data released by Florida Realtors®. The statewide existing
condo median sales price last month was $93,900; a year
earlier, it was $92,300 for a 2 percent increase. The
national median existing condo sales price was $165,400 in
May 2011, according to the National Association of Realtors®
(NAR).
“Promising signs continue for a slowly
strengthening economy and housing market,” said 2011 Florida
Realtors President Patricia Fitzgerald,
manager/broker-associate with Illustrated Properties in Hobe
Sound and Mariner Sands Country Club in Stuart. “Mortgage
interest rates remain historically low and affordability
conditions are strong.”
Nine of Florida’s metropolitan statistical
areas (MSAs) reported higher existing condo sales in June;
six MSAs had higher existing home sales.
In Florida’s year-to-year comparison for
existing home sales, a total of 17,597 homes sold last month
compared to 18,402 homes sold in June 2010 for a decrease of
4 percent. The statewide median sales price for existing
homes last month was $138,000; a year earlier, it was
$141,200 for a 2 percent decrease.
However, June’s statewide existing home
median price was about 1.8 percent higher than it was in
May. 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,
according to NAR analysts. The median is the midpoint; half
the homes sold for more, half for less.
The national median sales price for existing
single-family homes in May 2011 was $166,700, down 4.5
percent from a year ago, according to NAR. In Massachusetts,
the statewide median resales price was $300,375 in May; in
California, it was $291,760; in Maryland, it was $233,568;
and in New York, it was $211,900.
NAR’s latest industry outlook points to the
still-sluggish job market and overly restrictive lending
requirements as factors constraining housing’s recovery.
“The job market has sputtered recently, and because
variations in local job creation impact housing demand,
markets will recover unevenly around the country,” said NAR
Chief Economist Lawrence Yun. “If banks would simply return
to normal sound underwriting standards and begin lending to
more creditworthy borrowers, we’d get a much faster recovery
in the housing sector.”
The interest rate for a 30-year fixed-rate
mortgage averaged 4.51 percent in June, significantly lower
than the 4.74 percent averaged during the same month a year
earlier, according to Freddie Mac. Florida Realtors’ sales
figures reflect closings, which typically occur 30 to 90
days after sales contracts are written.
View
June 2011 Home sales
View
June 2011 Condo sales
For more
info visit
www.RealEstateRealityCheck.info
* * * * *
May 19,
2011
Florida’s Existing Home, Condo Sales Up in
April 2011
Florida’s existing home and existing condo
sales rose in April, according to the latest housing data
released by Florida Realtors®.
Existing home sales increased 2 percent last
month with a total of 17,192 homes sold statewide compared
to 16,781 homes sold in April 2010, according to Florida
Realtors. Statewide sales of existing condos last month rose
17 percent compared to the year-ago sales figure.
Twelve of Florida’s metropolitan statistical
areas (MSAs) reported higher existing home sales in April;
14 MSAs also had higher condo sales. It’s the fifth
consecutive month that Florida Realtors has reported higher
year-over-year existing home and existing condo sales
statewide.
“Market conditions remain optimal for
qualified buyers with strong credit,” said 2011 Florida
Realtors® President Patricia Fitzgerald,
manager/broker-associate with Illustrated Properties in Hobe
Sound and Mariner Sands Country Club in Stuart.
“Mortgage interest rates are under five
percent, a range of housing options is available at very
affordable prices, and the economic recovery continues to
strengthen. Realtors across the state are reporting
increased interest from buyers ready to find their Florida
dream home.”
Florida’s median sales price for existing
homes last month was $131,700; a year ago, it was $140,300
for a 6 percent decrease. However, April’s statewide
existing home median price was 4.3 percent higher than it
was in March. Analysts with the National Association of
Realtors® (NAR) note that 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.
The national median sales price for existing
single-family homes in March 2011 was $160,500, down 5.3
percent from a year ago, according to NAR. In California,
the statewide median resales price was $286,010 in March; in
Massachusetts, it was $273,475; in New York, it was
$215,000; and in Maryland, it was $215,000.
NAR’s latest industry outlook predicts that
existing home sales will continue to rise gradually but
unevenly. “Existing home sales have risen in six of the past
eight months, so we’re clearly on a recovery path,” said NAR
Chief Economist Lawrence Yun. “With rising jobs and
excellent affordability conditions, we project moderate
improvements into 2012, but not every month will show a gain
– primarily because some buyers are finding it too difficult
to obtain a mortgage.”
In Florida’s year-to-year comparison for
condos, 8,987 units sold statewide last month compared to
7,703 units in April 2010 for an increase of 17 percent. The
statewide existing condo median sales price last month was
$91,900; in April 2010 it was $100,200 for an 8 percent
decrease. April’s statewide existing condo median price was
9 percent higher than it was in March. The national median
existing condo sales price was $153,100 in March 2011,
according to NAR.
The interest rate for a 30-year fixed-rate
mortgage averaged 4.84 percent in April, significantly lower
than the 5.10 percent averaged during the same month a year
earlier, according to Freddie Mac. Florida Realtors’ sales
figures reflect closings, which typically occur 30 to 90
days after sales contracts are written.
View
April 2011 Home sales
View
April 2011 Condo sales
For more
info visit
www.RealEstateRealityCheck.info
* * * * *
April
20, 2011
Florida’s Existing Home, Condo Sales Up in
March 2011
Florida’s existing home and existing condo
sales rose in March, according to the latest housing data
released by Florida Realtors®.
Existing home sales increased 12 percent last
month with a total of 18,522 homes sold statewide compared
to 16,540 homes sold in March 2010, according to Florida
Realtors. Statewide sales of existing condos last month rose
24 percent compared to the year-ago sales figure.
Seventeen of Florida’s metropolitan
statistical areas (MSAs) reported higher existing home and
existing condo sales in March; 17 MSAs also had higher condo
sales. It’s the fourth consecutive month that Florida
Realtors has reported higher year-over-year existing home
and existing condo sales statewide.
“A variety of housing opportunities is
available at attractive prices across the state, while
mortgage interest rates remain historically low,” said 2011
Florida Realtors® President Patricia Fitzgerald,
manager/broker-associate with Illustrated Properties in Hobe
Sound and Mariner Sands Country Club in Stuart. “Favorable
conditions like these spark the interest of buyers – who
should consult a local Realtor to find out more about their
local markets.”
Florida’s median sales price for existing
homes last month was $126,300; a year ago, it was $136,000
for a 7 percent decrease. Analysts with the National
Association of Realtors® (NAR) note that 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.
The national median sales price for existing
single-family homes in February 2011 was $157,000, down 4.2
percent from a year ago, according to NAR. In California,
the statewide median resales price was $271,320 in February;
in Massachusetts, it was $270,000; in New York, it was
$245,000; and in Maryland, it was $208,258.
According to NAR’s latest industry outlook, a
strengthening economy will continue to bolster the housing
market’s slow recovery. “Housing affordability conditions
have been at record levels and the economy has been
improving, but home sales are being constrained by
unnecessarily tight credit,” said NAR Chief Economist
Lawrence Yun.
In Florida’s year-to-year comparison for
condos, 9,703 units sold statewide last month compared to
7,830 units in March 2010 for an increase of 24 percent. The
statewide existing condo median sales price last month was
$84,300; in March 2010 it was $94,800 for an 11 percent
decrease. The national median existing condo sales price was
$150,400 in February 2011, according to NAR.
The interest rate for a 30-year fixed-rate
mortgage averaged 4.84 percent in March, down slightly from
the 4.97 percent average during the same month a year
earlier, according to Freddie Mac. Florida Realtors’ sales
figures reflect closings, which typically occur 30 to 90
days after sales contracts are written.
View
March 2011 Home sales
View
March 2011 Condo sales
For more
info visit
www.RealEstateRealityCheck.info
* * * * *
February
12, 2011
Florida's
Existing Condo Sales Up in 4Q 2010 Florida Association of REALTORS
Sales of
existing condominiums in Florida rose 6 percent in fourth
quarter 2010 compared to the same period a year earlier,
according to the latest housing statistics from Florida
Realtors®.
A total of
17,231 existing condos sold statewide in 4Q 2010; during the
same period the year before, a total of 16,229 units changed
hands.
Thirteen of
Florida's metropolitan statistical areas (MSAs) reported
higher existing condo sales in the fourth quarter, according
to Florida Realtors. The statewide existing-condo median
sales price was $86,400 for the three-month period; in 4Q
2009, it was $105,600 for a decrease of 18 percent. The
statewide existing-condo median price in the fourth quarter
was nearly 2.9 percent higher than it was in 3Q 2010.
Looking at
Florida's housing sector in the fourth quarter, Dr. Sean
Snaith, director of the University of Central Florida's
Institute for Economic Competitiveness, pointed out that the
jobs outlook has a major impact. "Persistently high
unemployment constrains demand and feeds into the ongoing
foreclosure problem," Snaith said.
"Given the
state of the labor market, a continuing decline of home and
condo prices in the fourth quarter is not surprising or
unexpected. However, it's important to note the rate of
price decline is decelerating.
"As the
labor market recovery takes hold in 2011, it will help put a
floor beneath price declines and ultimately will provide the
basis of housing's recovery."
Meanwhile,
in the year-to-year quarterly comparison for existing
single-family home sales, 39,338 homes sold statewide for
the quarter compared to 43,494 homes in 4Q 2009 for a 10
percent decrease. The statewide existing-home median sales
price was $134,100 in 4Q 2010; a year earlier, it was
$140,500 for a decrease of 5 percent.
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, according
to the National Association of Realtors® (NAR). The median
is a typical market price where half the homes sold for
more, half for less.
Optimism
has increased slowly but steadily in Florida real estate
markets through the fourth quarter of 2010, according to the
University of Florida's Bergstrom Center for Real Estate
Studies' latest quarterly survey of real estate trends. The
report surveys economists, industry executives, real estate
scholars, researchers and other experts.
Center
Director Timothy Becker noted improvement in several key
categories, including the outlook for sales in new
single-family homes and condominiums, office occupancy,
retail occupancy, land investment and capital availability.
Respondents' expectations for occupancy and rent increased
across every property type, while the investment outlook
rose in a majority of the property types. The statewide
outlook was the highest since the survey's inception in
2006, he said.
"Overall,
the market appears to be improving and will continue to
improve at a slow pace over the next year," Becker said.
Low
mortgage rates continued to be available during the fourth
quarter of the year. According to Freddie Mac, the national
commitment rate for a 30-year conventional fixed-rate
mortgage averaged 4.41 percent in 4Q 2010; one year earlier,
it averaged 4.92 percent.
View Q4 Home sales
View Q4 Condo sales
For more
info visit
www.RealEstateRealityCheck.info
* * * * *
January
21, 2010
Florida's
Existing Home, Condo
Sales Up in December;
Sales Activity also
Higher at Year End 2010
Sales of
existing homes and
condominiums in Florida
rose in December, a
positive trend also
reported at the close of
2010 as statewide sales
activity posted gains
over the previous year,
according to the latest
housing data released by
Florida Realtors®.
A total
of 15,550 existing
single-family homes sold
statewide in December,
up 4 percent from the
14,923 homes sold in
December 2009. The
statewide existing home
median sales price last
month was $133,100; in
December '09 it was
$139,800 for a 5 percent
decrease, according to
Florida Realtors' data.
However, December's
statewide existing home
median price was higher
than the $132,700
reported in November
2010. The national
median existing
single-family home price
was $171,300 in
November, according to
the latest data
available from the
National Association of
Realtors® (NAR). The
median is the midpoint;
half the homes sold for
more, half for less.
In
December, 12 of
Florida's metropolitan
statistical areas (MSAs)
reported higher existing
home sales and 14 MSAs
reported higher existing
condos sales.
In the
year-to-year comparison
for statewide existing
condo sales, a total of
6,673 units changed
hands last month, up 12
percent from the 5,955
condos sold in December
2009. The statewide
existing condo median
sales price in December
was $88,100; in December
'09 it was $106,700 for
a 17 percent decrease.
The national median
existing condo price was
$165,300 in November,
according to NAR.
Looking
back on 2010, Florida's
existing home sales rose
5 percent for the year,
with a total of 170,848
homes sold compared to
162,873 homes sold in
2009. Statewide existing
home sales activity in
2010 also was 37.5
percent higher than 2008
statewide sales, records
show.
"It's
encouraging to close out
the year for Florida's
housing market with
increased sales
activity," said 2011
Florida Realtors
President Patricia "Pat"
S. Fitzgerald,
manager/broker-associate
with Illustrated
Properties in Hobe
Sound. "The homebuyer
tax credits helped to
fuel home and condo
sales during the first
half of 2010, while
favorable affordability
conditions and
historically low
mortgage rates continued
to bring buyers into the
market in the waning
months of the year.
"Looking
to the future, 2011 is
going to be a year of
opportunity for buyers
and sellers," Fitzgerald
added. "Industry
analysts report seeing
steady economic
improvements, including
more jobs and stronger
consumer confidence,
which will have a
positive, stabilizing
impact on the housing
market."
The
statewide existing home
median price for 2010
was $136,500; it was
$142,500 in 2009 for a 4
percent decrease. In
Florida's condo market,
a total of 72,050 units
sold statewide in 2010,
a gain of 29 percent
compared to 55,900 units
sold in 2009. Statewide
existing condo sales
activity in 2010 was up
90.6 percent over the
2008 sales level,
records show. The
statewide existing condo
median price in 2010 was
$91,300; it was $108,000
in 2009 for a 15 percent
decrease.
The
latest industry outlook
from NAR offers positive
predictions for 2011.
"Continuing gains in
home sales are
encouraging, and the
positive impact of
steady job creation will
more than trump some
negative impact from a
modest rise in mortgage
interest rates, which
remain historically
favorable," said NAR
Chief Economist Lawrence
Yun. "All the indicator
trends are pointing to a
gradual housing
recovery."
In
December, the interest
rate for a 30-year
fixed-rate mortgage
averaged 4.71 percent,
down from the 4.93
percent average during
the same month a year
earlier, according to
Freddie Mac. Florida
Realtors' sales figures
reflect closings, which
typically occur 30 to 90
days after sales
contracts are written.
December 2010 Home Sales
December 2010 Condo
Sales
Year-End 2010 Home Sales
Year-End 2010 Condo
Sales
For more info visit
www.TheGouldingReport.com
* * * * *
December
22, 2010
Florida's Existing Condo
Sales Rise in November
2010
Sales of
existing condominiums in
Florida rose 11 percent
in November, with a
total of 5,411 condos
sold statewide compared
to 4,860 units sold in
November 2009, according
to the latest housing
data released by Florida
Realtors®.
Thirteen
of Florida's
metropolitan statistical
areas (MSAs) reported
higher existing condo
sales in November,
according to Florida
Realtors. The statewide
existing condo median
sales price last month
was $88,200; in November
2009 it was $104,500 for
a 16 percent decrease.
However, November's
statewide existing condo
median price was 7
percent higher than the
statewide existing condo
median of $82,400 in
October. The national
median existing condo
price was $166,000 in
October, according to
the National Association
of Realtors® (NAR).
Meanwhile, in the
year-to-year comparison
for existing home sales,
a total of 11,900
single-family existing
homes sold statewide
last month compared to
13,961 homes sold in
November 2009 for a
decrease of 15 percent.
Florida's median
existing-home sales
price in November was
$132,700; a year
earlier, it was $139,300
for a decrease of 5
percent. The median is
the midpoint; half the
homes sold for more,
half for less.
The
national median sales
price for existing
single-family homes in
October was $171,100,
down 0.5 percent from a
year earlier, NAR
reported. In California,
the statewide median
resales price was
$304,220 in October; in
Massachusetts, it was
$294,000; in Maryland,
it was $245,355; and in
New York, it was
$215,850.
The
latest industry outlook
from NAR continues to
predict a gradual
improvement in home
sales in upcoming
months. However, the
report also noted that a
temporary halt to
foreclosures in Florida
and several other states
delayed closings and
impacted sales activity.
"The
housing market is
experiencing an uneven
recovery," said NAR
Chief Economist Lawrence
Yun. "Still, sales
activity is clearly off
the bottom and is
attempting to settle
into normal sustainable
levels. Based on current
and improving job market
conditions, and from
attractive affordability
conditions, sales should
steadily improve to
healthier levels of
above 5 million by
spring of next year."
In
November, the interest
rate for a 30-year
fixed-rate mortgage
averaged 4.30 percent,
down from the 4.88
percent average during
the same month a year
earlier, according to
Freddie Mac. Florida
Realtors' sales figures
reflect closings, which
typically occur 30 to 90
days after sales
contracts are written.
November 2010 Home
sales
November 2010 Condo
sales
For more info visit
www.TheGouldingReport.com
* * * * *
November
23, 2010
Economic Factors Impact
Florida’s Housing Market
in October 2010
Statewide
year-to-date existing
home sales in Florida
showed positive momentum
in October: 143,398
single-family existing
homes sold for a 7
percent increase over
the same period a year
ago, though uncertainty
over job growth,
restrictive credit and
foreclosure issues had a
dampening effect on
housing activity last
month, according to
industry analysts. The
latest housing data
released by Florida
Realtors® also reported
a 33 percent rise in
statewide year-to-date
condominium sales
compared to a year ago,
with a total of 59,966
units sold.
In the
latest industry outlook
from the National
Association of Realtors®
(NAR), Chief Economist
Lawrence Yun said
several factors are
slowing the housing
market’s recovery,
including the recent
foreclosure moratorium.
“Nonetheless, there
appears to be a pent-up
demand that eventually
will be unleashed as
banks resolve their
issues with foreclosures
and the labor market
improves,” he said.
“However, tight credit
and appraisals coming in
below a negotiated price
continue to constrain
the market.” Yun called
for a gradual rise in
home sales as buyers
respond to historically
low mortgage interest
rates and favorable
affordability
conditions.
A total
of 5,147 existing condos
sold statewide in
October compared to
5,398 units sold during
the same month a year
earlier for a decrease
of 5 percent. Nine of
Florida’s metropolitan
statistical areas (MSAs)
reported higher existing
condo sales last month,
according to Florida
Realtors. The statewide
existing condo median
sales price last month
was $82,400; in October
2009 it was $105,200 for
a 22 percent decrease.
The national median
existing condo price was
$165,400 in September,
according to NAR.
Meanwhile, in the
year-to-year comparison
for existing home sales,
a total of 11,888
single-family existing
homes sold statewide
last month compared to
14,980 homes sold in
October 2009 for a
decrease of 21 percent.
Florida’s median
existing-home sales
price in October was
$136,600; a year
earlier, it was $140,900
for a 3 percent
decrease. The median is
the midpoint; half the
homes sold for more,
half for less.
The
national median sales
price for existing
single-family homes in
September was $172,600,
down 1.9 percent from a
year earlier, NAR
reported. In California,
the statewide median
resales price was
$309,900 in September;
in Massachusetts, it was
$295,000; in Maryland,
it was $243,134; and in
New York, it was
$229,102.
In
October, the interest
rate for a 30-year
fixed-rate mortgage
averaged 4.23 percent,
significantly lower than
the 4.95 percent average
during the same month a
year earlier, according
to Freddie Mac. Florida
Realtors’ sales figures
reflect closings, which
typically occur 30 to 90
days after sales
contracts are written.
Two
charts showing
statistics for Florida
and the state’s MSAs are
attached. One chart
compares the volume of
existing, single-family
home sales and median
sales prices in October
2010 to October 2009
based on Realtor
transactions; the other
compares the volume of
existing, condominium
sales and median sales
prices in October 2010
to October 2009 based on
Realtor transactions.
View October 2010 Home
sales.
View October 2010 Condo
sales.
For more
info visit
www.RealEstateRealityCheck.info
* * * * *
November 14, 2010
Sales of Existing
Condos in Florida
up 15 percent in Q3 2010 - Florida REALTORS®
Sales of existing
condominiums in Florida
rose 15 percent in third
quarter 2010 compared to
the same period a year
earlier, according to
the latest housing
statistics from Florida
Realtors®.
A total of 16,938
existing condos sold
statewide in 3Q 2010;
during the same period
the year before, a total
of 14,793 units changed
hands.
Fourteen of Florida's
metropolitan statistical
areas (MSAs) reported
higher existing condo
sales in the third
quarter, according to
Florida Realtors. The
statewide existing-condo
median sales price was
$84,000 for the
three-month period; in
3Q 2009, it was $106,000
for a decrease of 21
percent.
"A healthy housing
market is built on the
foundation of a robust
economy," said Dr. Sean
Snaith, director of the
University of Central
Florida's Institute for
Economic
Competitiveness. "As the
economic recovery
continues in Florida –
and in particular as the
labor market improves –
the housing market will
follow suit. The price
decline in the condo
market continues to
attract domestic and
foreign buyers to
Florida to take
advantage of this buying
opportunity.
"The third-quarter
single-family and condo
Florida resales data
reflect a slowdown
relative to
second-quarter data as
the expiration of the
first-time homebuyer's
tax credit in April
pulled future demand
into the second
quarter," Snaith said,
adding that the drop-off
was expected.
Meanwhile, in the
year-to-year quarterly
comparison for existing
single-family home
sales, 41,122 homes sold
statewide for the
quarter compared to
44,451 homes in 3Q 2009
for a 7 percent
decrease. The statewide
existing-home median
sales price was $135,200
in 3Q 2010; a year
earlier, it was $145,300
for a decrease of 7
percent. 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, according to the
National Association of
Realtors® (NAR).
The median is a typical
market price where half
the homes sold for more,
half for less.
The University of
Florida's Bergstrom
Center for Real Estate
Studies' latest
quarterly survey of real
estate trends reports
that the jobless rate
remains a top concern
for the future outlook
of the state's real
estate industry. The
survey polls market
research economists,
industry executives,
real estate scholars and
other experts.
Timothy Becker, the
center's director, noted
that investment in real
estate continues to flow
into Florida, though
investors are wary about
the economy. "The
apartment sector is the
stellar performer," he
said, adding that
conditions continue to
improve in the
commercial sector.
"We're starting to see
stabilization across
property types in
occupancy, with
respondents saying they
feel better about what
rents are going to look
like in the near
future."
Low mortgage rates
continued to be
available during the
third quarter of the
year. According to
Freddie Mac, the
national commitment rate
for a 30-year
conventional fixed-rate
mortgage averaged 4.45
percent in 3Q 2010; one
year earlier, it
averaged 5.16 percent.
View
Q3 Home sales.
View
Q3 Condo sales.
For more
info visit
www.TheGouldingReport.com.
* * * *
*
October 25, 2010
Florida's
Existing Condo Sales Up
in September 2010 Florida Association of REALTORS
Sales of
existing condominiums in
Florida rose 10 percent
in September, with a
total of 5,675 condos
sold statewide compared
to 5,140 units sold in
September 2009,
according to the latest
housing data released by
Florida Realtors®.
Ten of
Florida's metropolitan
statistical areas (MSAs)
reported higher existing
condo sales in
September, according to
Florida Realtors. The
statewide existing condo
median sales price last
month was $83,400; in
September 2009 it was
$102,300 for an 18
percent decrease.
However, September's
statewide existing condo
median price was 2.2
percent higher than the
statewide existing condo
median of $81,600 in
August. The national
median existing condo
price was $174,000 in
August, according to the
National Association of
Realtors® (NAR).
Meanwhile, in the
year-to-year comparison
for existing home sales,
a total of 13,536
single-family existing
homes sold statewide
last month compared to
14,781 homes sold in
September 2009 for a
decrease of 8 percent.
Florida's median
existing-home sales
price in September was
$133,400; a year
earlier, it was $141,700
for a decrease of 6
percent. The median is
the midpoint; half the
homes sold for more,
half for less.
"Like the
rest of the nation,
Florida's housing market
is feeling pressure from
an uncertain economy,"
said 2010 Florida
Realtors President
Wendell Davis, a broker
with Watson Realty Corp.
in Jacksonville. "Easing
foreclosures and
increasing job growth
would go a long way in
stabilizing the market
and strengthening the
economic recovery.
However, current record
low mortgage rates along
with available and
affordable inventory
continue to offer a rare
opportunity for
consumers who are ready
to buy a home."
The
national median sales
price for existing
single-family homes in
August was $179,300, up
1.2 percent from a year
earlier, according to
the National Association
of Realtors® (NAR). In
Massachusetts, the
statewide median resales
price was $330,000 in
August; in California,
it was $318,660; in
Maryland, it was
$262,339; and in New
York, it was $240,000.
NAR's
latest industry outlook
calls for a gradual
improvement in home
sales in upcoming
months. "Attractive
affordability conditions
from very low mortgage
interest rates appear to
be bringing buyers back
to the market," said NAR
Chief Economist Lawrence
Yun. "However, the pace
of a home sales recovery
still depends more on
job creation and an
accompanying rise in
consumer confidence. The
housing market is trying
to recover on its own
power without the
homebuyer tax credit."
In
September, the interest
rate for a 30-year
fixed-rate mortgage
averaged 4.35 percent,
significantly lower than
the 5.06 percent average
during the same month a
year earlier, according
to Freddie Mac. Florida
Realtors' sales figures
reflect closings, which
typically occur 30 to 90
days after sales
contracts are written.
Two
charts showing
statistics for Florida
and the state's MSAs are
attached. One chart
compares the volume of
existing, single-family
home sales and median
sales prices in
September 2010 to
September 2009 based on
Realtor transactions;
the other compares the
volume of existing,
condominium sales and
median sales prices in
September 2010 to
September 2009 based on
Realtor transactions.
Florida
Realtors®, formerly
known as the Florida
Association of
Realtors®, serves as the
voice for real estate in
Florida. It provides
programs, services,
continuing education,
research and legislative
representation to its
115,000 members in 67
boards/associations.
Florida Realtors® Media
Center website is
available at http://media.floridarealtors.org.
View September 2010 Home sales.
View September 2010 Condo sales.
For more
info visit
www.TheGouldingReport.com.
* * * *
*
September 23, 2010
Florida’s Existing Home, Condo Sales Up in
August 2010
Florida Association of REALTORS
Sales of existing homes in Florida rose 1
percent in August, with a total of 13,997 homes sold
statewide compared to 13,908 homes sold in August 2009,
according to the latest housing data released by Florida
Realtors®. Statewide existing home sales in August increased
3 percent over statewide sales activity in July.
Ten of Florida’s metropolitan statistical
areas (MSAs) reported higher existing home sales last month,
while 13 MSAs posted increased existing condo sales.
Florida’s median sales price for existing homes last month
was $134,000; a year ago, it was $146,500 for a decrease of
9 percent. The median is the midpoint; half the homes sold
for more, half for less.
The national median sales price for existing
single-family homes in July 2010 was $183,400, up 0.9
percent from a year earlier, according to the National
Association of Realtors® (NAR). In Massachusetts, the
statewide median resales price was $333,000 in May; in
California, it was $314,850; in Maryland, it was $267,489;
and in New York, it was $227,000.
In Florida’s year-to-year comparison for
condos, 5,706 units sold statewide last month compared to
4,662 units in August 2009 for an increase of 22 percent.
Statewide existing condo sales last month increased almost
2.7 percent over July’s condo sales. The statewide existing
condo median sales price in August was $81,600; in August
2009 it was $107,200 for a 24 percent decrease. The national
median existing condo price was $176,800 in July, according
to NAR.
The housing sector faces a long recovery
process, due in part to slow job growth and the
still-fragile economy, according to NAR’s latest industry
outlook. “Home sales will remain soft in the months ahead,
but improved affordability conditions should help with a
recovery,” said NAR Chief Economist Lawrence Yun. The pace
of sales has slowed since May, following the expiration of
the federal homebuyer tax credit, Yun said, who predicted
this “pause period” likely will last through September.
“However, given rock-bottom mortgage interest
rates and historically high housing affordability
conditions, the pace of a sales recovery could pick up
quickly, provided the economy consistently adds jobs,” he
said.
The interest rate for a 30-year fixed-rate
mortgage averaged 4.43 percent in August, down from the 5.19
percent averaged in August 2009, according to Freddie Mac.
Florida Realtors’ sales figures reflect closings, which
typically occur 30 to 90 days after sales contracts are
written.
Two charts showing statistics for Florida and
the state’s MSAs are attached (available for download below
in PDF format). One chart compares the volume of existing,
single-family home sales and median sales prices in August
2010 to August 2009 based on Realtor transactions; the other
compares the volume of existing, condominium sales and
median sales prices in August 2010 to August 2009 based on
Realtor transactions.
Click for
August 2010 Home sales.
Click for
August 2010 Condo sales.
For more
info visit
www.TheGouldingReport.com.
* * * *
*
NEW! Florida's
Existing Condo Sales
Rise in July 2010 - Florida REALTORS®
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 (MSAs) reported
higher existing condo
sales in July, according
to Florida Realtors. The
statewide existing condo
median sales price last
month was $87,200; in
July 2009 it was
$108,500 for a 20
percent decrease. The
national median existing
condo price was $181,300
in June, according to
the National
Association of Realtors®
(NAR).
Meanwhile, in the year-to-year comparison for existing home sales,
a total of 13,589
single-family existing
homes sold statewide
last month compared to
15,762 homes sold in
July 2009 for a decrease
of 14 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,”
Snaith added. “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.”
2010 Florida Realtors President Wendell Davis, a broker with Watson
Realty Corp. in
Jacksonville, noted that
the Gulf oil spill,
along with uncertainty
over its impact, has
affected the state's
housing market.
“Along with many local businesses in the Florida Panhandle and in
other Gulf Coast states,
real estate has
experienced significant
economic harm following
the Deepwater Horizon
drilling rig explosion
and oil spill,” Davis
said. “The announcement
that a special
allocation from the BP
Oil Spill Fund is now
available to help the
claims of real estate
professionals' –
Realtors and licensees –
over loss of income or
sales due to the Gulf
oil spill is a positive
action that will help
bolster the state's
fragile economy
recovery.”
The national median sales price for existing single-family homes in
June 2010 was $184,200,
up 1.3 percent from a
year earlier, according
to NAR. In
Massachusetts, the
statewide median resales
price was $331,150 in
June; in California, it
was $311,950; in
Maryland, it was
$265,268; and in New
York, it was $220,750.
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.
The interest rate for a 30-year fixed-rate mortgage averaged 4.56
percent in July, down
from the 5.22 percent
averaged in July 2009,
according to Freddie
Mac. Florida Realtors'
sales figures reflect
closings, which
typically occur 30 to 90
days after sales
contracts are written.
Two charts showing statistics for Florida and the state's MSAs are
attached. One chart
compares the volume of
existing, single-family
home sales and median
sales prices in July
2010 to July 2009 based
on Realtor transactions;
the other compares the
volume of existing,
condominium sales and
median sales prices in
July 2010 to July 2009
based on Realtor
transactions.
Florida Realtors®, formerly known as the Florida Association of
Realtors®, serves as the
voice for real estate in
Florida. It provides
programs, services,
continuing education,
research and legislative
representation to its
115,000 members in 67
boards/associations.
Florida Realtors® Media
Center website is
available at
http://media.floridarealtors.org.
Click for July 2010 Home sales.
Click for July 2010 Condo sales.
* * * * *
Florida Existing Home & Condo
Sales Rise in June 2010
Florida Association of REALTORS
Sales of existing homes in Florida rose 15 percent in June,
marking 22 consecutive months that sales activity has
increased in the year-to-year comparison, according to the
latest housing data released by Florida Realtors®.
A total
of 18,038 single-family existing homes sold statewide last
month compared to 15,732 homes sold in June 2009, according
to Florida Realtors. June’s statewide existing home sales
increased 7.7 percent over statewide sales activity in May.
Meanwhile, last month’s statewide existing-home median price
of $143,400 was 2.1 percent higher than May’s statewide
existing-home median price of $140,400. It marks the fourth
month in a row that the statewide existing-home median price
has increased over the previous month’s median.
Fifteen
of Florida’s metropolitan statistical areas (MSAs) reported
higher existing home sales in June, while 16 MSAs posted
increased existing condo sales. A majority of the state’s
MSAs have reported increased sales for 24 consecutive
months.
Florida’s
median sales price for existing homes last month was
$143,400; a year ago, it was $147,700 for a decrease of 3
percent. The median is the midpoint; half the homes sold for
more, half for less.
The
national median sales price for existing single-family homes
in May 2010 was $179,400, up 2.7 percent from a year
earlier, according to the National Association of Realtors®
(NAR). In California, the statewide median resales price was
$324,430 in May; in Massachusetts, it was $299,000; in
Maryland, it was $249,177; and in New York, it was $194,900.
More jobs
are key to the continued recovery of the housing market,
according to NAR’s latest industry outlook. “If jobs come
back as expected, the pace of home sales should pick up
later this year and reach a sustainable level of activity
given very favorable affordability conditions,” said NAR
Chief Economist Lawrence Yun. “We’ll also keep a close eye
on market conditions on the Gulf Coast.”
In
Florida’s year-to-year comparison for condos, 6,916 units
sold statewide last month compared to 5,215 units in June
2009 for an increase of 33 percent. The statewide existing
condo median sales price last month was $95,000; in June
2009 it was $112,800 for a 16 percent decrease. The national
median existing condo price was $181,300 in May, according
to NAR.
The
interest rate for a 30-year fixed-rate mortgage averaged
4.74 percent in June, down from the 5.42 percent averaged
during June 2009, according to Freddie Mac. Florida
Realtors’ sales figures reflect closings, which typically
occur 30 to 90 days after sales contracts are written.
Among the
state’s larger markets, the Tampa-St. Petersburg-Clearwater
MSA reported a total of 3,226 homes sold in June compared to
2,848 homes a year earlier for a 13 percent increase. The
market’s existing home median sales price was $138,400; a
year earlier it was $139,400 for a decrease of 1 percent. A
total of 912 condos sold in the MSA in June compared to 671
units sold in June 2009 for an increase of 36 percent. The
existing condo median price was $99,100; a year earlier, it
was $113,300 for a decrease of 13 percent.
Two
charts showing statistics for Florida and the state's MSAs
are attached. One chart compares the volume of existing,
single-family home sales and median sales prices in June
2010 to June 2009 based on Realtor transactions; the other
compares the volume of existing, condominium sales and
median sales prices in June 2010 to June 2009 based on
Realtor transactions.
Florida
Realtors®, formerly known as the Florida Association of
Realtors®, serves as the voice for real estate in Florida.
It provides programs, services, continuing education,
research and legislative representation to its 115,000
members in 67 boards/associations.
Click for June 2010 Home sales.
Click for June 2010 Condo sales.
* * * * *
Florida Existing Home &
Condo Sales Rise in May
'10
Sales of existing homes
in Florida rose 18
percent in May, marking
21 months that sales
activity has increased
in the year-to-year
comparison, according to
the latest housing data
released by Florida
Realtors®.
READ
MORE
A total of 16,745
single-family existing
homes sold statewide
last month compared to
14,172 homes sold in May
2009, according to
Florida Realtors. The
statewide existing-home
median price of $140,400
in May was slightly
higher – by $300 – than
April’s statewide
existing-home median
price of $140,100. It
marks the third month in
a row that the statewide
existing-home median
price has increased over
the previous month’s
median.
Across the state, a
variety of housing
opportunities continues
to be available at
attractive prices while
mortgage interest rates
remain historically low,
said 2010 Florida
Realtors President
Wendell Davis, a broker
with Watson Realty Corp.
in Jacksonville.
“Favorable conditions
like this spark buyers’
interest,” Davis said.
“However, like the rest
of the world, Floridians
are deeply concerned
about the long-term
ramifications of the
April 20th explosion of
BP’s Deepwater Horizon
oil rig, which killed 11
people and triggered the
oil spill disaster in
the Gulf of Mexico.”
Seventeen of Florida’s
metropolitan statistical
areas (MSAs) reported
higher existing home and
existing condo sales in
May. A majority of the
state’s MSAs have
reported increased sales
for 23 consecutive
months.
Florida’s median sales
price for existing homes
last month was $140,400;
a year ago, it was
$143,800 for a decrease
of 2 percent. The median
is the midpoint; half
the homes sold for more,
half for less.
The national median
sales price for existing
single-family homes in
April 2010 was $173,400,
up 4.5 percent from a
year earlier, according
to the National
Association of
Realtors® (NAR). In
California, the
statewide median resale
price was $306,230 in
April; in Massachusetts,
it was $295,000; in
Maryland, it was
$244,943; and in New
York, it was $197,000.
According to NAR’s
latest industry outlook,
factors such as a return
of buyer confidence,
stabilizing home prices
and an improving economy
are supporting the
market in the federal
homebuyer tax credit’s
wake. “The housing
market has to get back
on its own feet,” said
NAR Chief Economist
Lawrence Yun, “and now
appears to be in a good
position to return to
sustainable levels even
without government
stimulus, provided the
economy continues to add
jobs.”
In Florida’s
year-to-year comparison
for condos, 6,779 units
sold statewide last
month compared to 4,845
units in May 2009 for an
increase of 40 percent.
The statewide existing
condo median sales price
last month was $98,700;
in May 2009 it was
$113,500 for a 13
percent decrease. The
national median existing
condo price was $171,000
in April, according to
NAR.
READ
MORE
Interest rates for a
30-year fixed-rate
mortgage averaged 4.89
percent in May, close to
the 4.86 percent
averaged during May
2009, according to
Freddie Mac. Florida
Realtors’ sales figures
reflect closings, which
typically occur 30 to 90
days after sales
contracts are written.
Among the state’s larger
markets, the West Palm
Beach-Boca Raton MSA
reported a total of 887
homes sold in May
compared to 737 homes a
year earlier for a 20
percent increase. The
market’s existing home
median sales price last
month was $235,200; a
year earlier it was
$232,900 for an increase
of 1 percent. A total of
877 condos sold in the
MSA in May compared to
676 units sold in May
2009 for an increase of
30 percent. The existing
condo median price last
month was $99,600; a
year earlier, it was
$107,500 for a decrease
of 7 percent.
* * * * *
