Economic Factors Impact Florida's Housing Market in Oct. 2010

News provided by

Nov 23, 2010, 11:05 ET

ORLANDO, Fla., Nov. 23, 2010 /PRNewswire/ -- 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 below. 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.

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 65 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Editor's Note: You may wish to use this information with today's release from the National Association of Realtors.

Florida Sales Report – October 2010 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	October 2010	October 2009	% Chge	October 2010	October 2009	% Chge
STATEWIDE* (1)	11,888	14,980	-21	$136,600	$140,900	-3
STATEWIDE-YEAR-TO-DATE	143,398	133,989	7	$137,200	$143,100	-4
Daytona Beach	645	729	-12	$122,800	$124,400	-1
Fort Lauderdale	598	826	-28	$217,900	$211,600	3
Fort Myers-Cape Coral	1,016	1,413	-28	$90,000	$91,600	-2
Fort Pierce-Port St. Lucie	391	558	-30	$106,900	$110,400	-3
Fort Walton Beach	223	251	-11	$185,200	$188,100	-2
Gainesville	100	172	-42	$174,000	$156,700	11
Jacksonville (2)	841	1,116	-25	$141,000	$147,200	-4
Lakeland-Winter Haven	246	372	-34	$94,200	$104,400	-10
Melbourne-Titusville-Palm Bay	482	536	-10	$97,600	$115,800	-16
Miami	546	571	-4	$199,100	$178,500	12
Ocala	252	317	-21	$79,700	$92,100	-13
Orlando	1,822	2,297	-21	$130,800	$143,600	-9
Panama City	90	123	-27	$154,500	$159,300	-3
Pensacola	273	311	-12	$141,100	$139,000	2
Punta Gorda	220	237	-7	$96,200	$109,300	-12
Sarasota-Bradenton	667	812	-18	$141,800	$154,500	-8
Tallahassee	153	156	-2	$162,000	$178,800	-9
Tampa-St. Petersburg-Clearwater	1,923	2,564	-25	$137,900	$140,600	-2
West Palm Beach-Boca Raton	723	841	-14	$221,200	$243,900	-9

(1) * Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.

(2) Data from the St. Augustine & St. Johns County Board 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 from local Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Realtors® and the University of Florida Bergstrom Center for Real Estate Studies.

Florida Sales Report – October 2010 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	October 2010	October 2009	% Chge	October 2010	October 2009	% Chge
STATEWIDE* (1)	5,147	5,398	-5	$82,400	$105,200	-22
STATEWIDE-YEAR-TO-DATE	59,966	45,085	33	$92,000	$108,500	-15
Daytona Beach	155	134	16	$120,900	$148,900	-19
Fort Lauderdale	738	926	-20	$67,500	$83,200	-19
Fort Myers-Cape Coral	260	377	-31	$108,700	$118,300	-8
Fort Pierce-Port St. Lucie	68	105	-35	$70,000	$93,800	-25
Fort Walton Beach	116	94	23	$226,300	$250,000	-9
Gainesville	22	22	—	$60,000	$116,700	-49
Jacksonville (2)	152	109	39	$66,400	$92,500	-28
Lakeland-Winter Haven	19	29	-34	$47,500	$61,700	-23
Melbourne-Titusville-Palm Bay	143	118	21	$88,600	$105,700	-16
Miami	757	647	17	$107,700	$138,400	-22
Ocala	6	4	50	$40,000	$55,000	-27
Orlando	612	612	—	$50,700	$53,500	-5
Panama City	47	60	-22	$178,000	$205,000	-13
Pensacola	48	41	17	$216,700	$295,000	-27
Punta Gorda	37	34	9	$97,500	$83,300	17
Sarasota-Bradenton	230	249	-8	$127,700	$152,800	-16
Tallahassee	9	4	125	$102,500	$110,000	-7
Tampa-St. Petersburg-Clearwater	726	798	-9	$81,600	$102,400	-20
West Palm Beach-Boca Raton	768	766	—	$79,600	$109,300	-27