Florida's Existing Home Sales, Median Price Down in April 2007

    ORLANDO, Fla., May 25 /PRNewswire/ -- Florida's existing home sales
 remained soft in April though the inventory of homes continued to ease in
 many markets across the state, according to the Florida Association of
 Realtors(R) (FAR). Statewide, sales of single-family existing homes totaled
 12,016 last month compared to 16,283 homes sold in April 2006 for a 26
 percent decrease.
     Florida's median sales price for existing single-family homes in April
 was $237,800; a year ago, it was $245,900 for a 3 percent decrease. The
 median is the midpoint; half the homes sold for more, half for less. In
 April 2002, the statewide median sales price for single-family homes was
 $133,700, for an increase of 77.9 percent over the five-year-period,
 according to FAR records.
     In March 2007, the national median sales price for existing
 single-family homes was $215,300, down 0.9 percent from the previous year,
 according to the National Association of Realtors(R) (NAR). In California,
 the statewide median resales price was $580,090 in March; in Massachusetts,
 it was $344,000; in Maryland, it was $302,750; and in New York, it was
 $248,000.
     Housing industry analysts anticipate that a decline in subprime
 mortgage loans, coupled with stricter lending standards, could impact
 housing activity in the coming months. According to NAR Senior Economist
 Lawrence Yun, one benefit for the market is the disappearance of
 speculative behavior, which contributed to abnormal price growth.
     "Homebuyers today are purchasing for the long-term, generally with a
 realistic expectation of modest gains over time," Yun said in NAR's latest
 market outlook. "It's good that we're getting beyond the tendency of some
 buyers to view housing as a temporary asset to accumulate short-term
 wealth, which is not to be expected in a normal market." NAR predicts that
 existing home sales will increase gradually in the second half of 2007,
 with prices recovering a bit later.
     Sales of existing condominiums in Florida also decreased last month,
 with a total of 4,321 condos sold statewide compared to 5,344 in April 2006
 for a 19 percent decline, according to FAR. The statewide median sales
 price for condos last month was $215,500, up 3 percent from April 2006's
 condo median price of $210,000. NAR reported the national median existing
 condo price was $228,200 in March 2007.
     Last month, interest rates for a 30-year fixed-rate mortgage averaged
 6.18 percent, according to Freddie Mac, a significant drop from the average
 rate of 6.51 percent in April 2006. FAR's sales figures reflect closings,
 which typically occur 30 to 90 days after sales contracts are written.
     Among the state's larger markets, the Sarasota-Bradenton Metropolitan
 Statistical Area (MSA) reported 796 existing homes sold last month compared
 to 685 homes sold a year ago for a 16 percent increase. The market's median
 sales price for homes was $294,800; it was $302,100 in April 2006 for a 2
 percent decrease. A total of 333 existing condos changed hands in the MSA
 last month, up 11 percent from the 299 condos sold the previous year. The
 existing condo median sales price in April was $241,300; a year ago, it was
 $259,000 for a 7 percent decrease.
     People in the Sarasota area are getting the message that now is a great
 time to buy a home, says Joe Hembree, president of the Sarasota Association
 of Realtors and broker-owner of Hembree & Associates Inc. He points to the
 association's promotional campaign "Time2Buy" as a positive medium for
 spreading the word to consumers. "Low interest rates, a great inventory of
 homes available and stabilizing prices are positive influences on our
 market," he says. "The Sarasota area offers so many benefits for residents:
 beautiful beaches, a friendly community and great social atmosphere,
 world-class arts and entertainment. It's a wonderful place to live and
 play."
     Among the state's smaller markets, the Gainesville MSA reported a total
 of 225 homes sold in April compared to 258 homes a year ago for a 13
 percent decrease. The existing home median sales price was $214,200; a year
 ago, it was $204,200 for a 5 percent increase. A total of 74 existing
 condos sold in the MSA last month compared to 90 condos the previous April
 for a decrease of 18 percent. The market's existing condo median price was
 $160,000; a year ago, it was $154,000 for a 4 percent increase.
     Sherry Patrick, president of the Gainesville Alachua County Association
 of Realtors and broker-associate with Coldwell Banker MM Parrish, says that
 the area's stable economy provides a solid foundation for the housing
 market. "Having the University of Florida is a big plus for our economy,"
 she says. "The Gainesville area has a strong labor force and employment
 outlook, as well as a college-town atmosphere, educational opportunities
 and cultural activities to attract residents."
     Two charts showing statistics for Florida and its 20 MSAs are attached.
 One chart compares the volume of existing, single-family home sales and
 median sales prices; the other compares the volume of existing, condominium
 sales and median sales price in April 2007 to April 2006 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 150,000 members in 68
 boards/associations.
     Editor's Note: You may wish to use this information with today's
 release from the National Association of Realtors.
                       Florida Sales Report -- April 2007
                         Single-Family, Existing Homes
 
                                Realtor Sales           Median Sales Price
       Statewide &
       Metropolitan
     Statistical Areas      April    April     %       April     April       %
          (MSAs)            2007     2006    Chge      2007      2006      Chge
 
     STATEWIDE             12,016   16,283    -26    $237,800   $245,900     -3
     STATEWIDE-YEAR-
      TO-DATE              45,685   62,127    -26    $237,000   $244,100     -3
     Daytona Beach            602      803    -25    $205,500   $221,300     -7
     Fort Lauderdale          580      694    -16    $363,800   $360,600      1
     Fort Myers-Cape Coral    573      916    -37    $283,200   $280,500      1
     Fort Pierce-
      Port St. Lucie          290      491    -41    $242,600   $253,200     -4
     Fort Walton Beach        227      254    -11    $213,600   $233,900     -9
     Gainesville              225      258    -13    $214,200   $204,200      5
     Jacksonville           1,234    1,487    -17    $203,800   $199,600      2
     Lakeland-
      Winter Haven            315      491    -36    $172,400   $170,000      1
     Melbourne-
      Titusville-Palm Bay     520      553     -6    $194,100   $226,400    -14
     Miami                    531      843    -37    $382,300   $374,500      2
     Naples-Marco
      Island*(1)              N/A      N/A    N/A         N/A        N/A    N/A
     Ocala                    267      433    -38    $169,100   $166,500      2
     Orlando                1,609    2,491    -35    $250,300   $263,100     -5
     Panama City              101      118    -14    $192,200   $200,000     -4
     Pensacola                326      433    -25    $168,200   $163,500      3
     Punta Gorda              254      299    -15    $197,100   $223,400    -12
     Sarasota-Bradenton       796      685     16    $294,800   $302,100     -2
     Tallahassee              350      436    -20    $181,200   $172,000      5
     Tampa-
      St.Petersburg-
      Clearwater (2)        2,257    3,480    -35    $209,700   $221,600     -5
     West Palm Beach-
      Boca Raton              665      804    -17    $376,300   $386,500     -3
 
     (1) *Historical data was not available from the Marco Island Association
         of Realtors; data from the Naples Area Board of Realtors and
         Association of Real Estate Professionals is not included.
     (2) Data from the Hernando County Association of Realtors now included in
         the totals from 2006 and 2007.
     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 from
 Florida's Realtor boards/associations. MSAs are defined by the 2000 Census.
 Source: Florida Association of Realtors and the University of Florida Real
 Estate Research Center.
                       Florida Sales Report -- April 2007
                             Existing Condominiums
 
                                Realtor Sales            Median Sales Price
     Statewide &
     Metropolitan
     Statistical Areas      April    April     %      April      April       %
     (MSAs)                 2007     2006    Chge     2007       2006      Chge
 
     STATEWIDE              4,321    5,344    -19    $215,500   $210,000      3
     STATEWIDE-YEAR-
      TO-DATE              14,850   20,375    -27    $212,200   $209,900      1
     Daytona Beach            102      131    -22    $237,500   $205,000     16
     Fort Lauderdale          683      873    -22    $197,800   $214,200     -8
     Fort Myers-Cape Coral    223      259    -14    $244,100   $322,500    -24
     Fort Pierce-
      Port St. Lucie           83       71     17    $163,800   $179,100     -9
     Fort Walton Beach         98       66     48    $400,000   $320,000     25
     Gainesville               74       90    -18    $160,000   $154,000      4
     Jacksonville             237      175     35    $239,300   $166,300     44
     Lakeland-Winter Haven     21       30    -30    $117,500   $106,700     10
     Melbourne-
      Titusville-Palm Bay     118      162    -27    $180,000   $207,700    -13
     Miami                    722    1,031    -30    $268,000   $251,000      7
     Naples-Marco
      Island* (1)             N/A      N/A    N/A         N/A        N/A    N/A
     Ocala (2)                N/A      N/A    N/A         N/A        N/A    N/A
     Orlando                  207      486    -57    $154,500   $166,100     -7
     Panama City               39       33     18    $275,000   $335,700    -18
     Pensacola                 65       58     12    $379,200   $155,000    145
     Punta Gorda               47       70    -33    $163,300   $168,900     -3
     Sarasota-Bradenton       333      299     11    $241,300   $259,000     -7
     Tallahassee               32       36    -11    $152,500   $152,900      -
     Tampa-
      St. Petersburg-
      Clearwater (3)          549      904    -39    $170,400   $174,700     -2
     West Palm Beach-
      Boca Raton              646      522     24    $218,400   $222,300     -2
 
     (1) *Historical data was not available from the Marco Island Association
         of Realtors; data from the Naples Area Board of Realtors and
         Association of Real Estate Professionals is not included.
     (2) Data from the Ocala-Marion County Association of Realtors was not
         available.
     (3) Data from the Hernando County Association of Realtors now included in
         the totals from 2006 and 2007.
     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 from
 Florida's Realtor boards/associations. MSAs are defined by the 2000 Census.
 Source: Florida Association of Realtors and the University of Florida Real
 Estate Research Center.
 
 

SOURCE Florida Association of Realtors(R)