Florida's Existing Home, Condo Sales Up in August 2010

News provided by

Sep 23, 2010, 11:05 ET

ORLANDO, Fla., Sept. 23 /PRNewswire/ -- 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 below. 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.

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.

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

Florida Sales Report – August 2010 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	August 2010	August 2009	% Chge	August 2010	August 2009	% Chge
STATEWIDE* (1)	13,997	13,908	1	$134,000	$146,500	-9
STATEWIDE-YEAR-TO-DATE	117,974	104,228	13	$137,600	$143,700	-4
Daytona Beach (2)	581	532	9	$113,500	$130,600	-13
Fort Lauderdale	683	816	-16	$206,700	$217,000	-5
Fort Myers-Cape Coral	1,193	1,252	-5	$88,400	$89,300	-1
Fort Pierce-Port St. Lucie	445	537	-17	$103,300	$113,000	-9
Fort Walton Beach	236	230	3	$180,000	$200,000	-10
Gainesville	201	161	25	$143,500	$175,500	-18
Jacksonville	1,177	1,024	15	$142,400	$155,200	-8
Lakeland-Winter Haven	307	312	-2	$94,100	$118,300	-20
Melbourne-Titusville-Palm Bay	484	492	-2	$101,400	$119,500	-15
Miami	637	570	12	$182,900	$194,800	-6
Ocala	345	262	32	$80,200	$107,400	-25
Orlando	2,289	2,134	7	$128,400	$144,200	-11
Panama City	86	118	-27	$148,000	$188,000	-21
Pensacola	255	279	-9	$133,200	$156,500	-15
Punta Gorda	236	230	3	$101,800	$103,300	-1
Sarasota-Bradenton	755	678	11	$150,300	$164,200	-8
Tallahassee	140	198	-29	$160,000	$185,900	-14
Tampa-St. Petersburg-Clearwater	2,408	2,563	-6	$135,400	$140,400	-4
West Palm Beach-Boca Raton	793	754	5	$227,800	$245,700	-7

(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 Flagler County Association of Realtors is 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 – August 2010 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	August 2010	August 2009	% Chge	August 2010	August 2009	% Chge
STATEWIDE* (1)	5,706	4,662	22	$81,600	$107,200	-24
STATEWIDE-YEAR-TO-DATE	49,144	34,547	42	$94,300	$109,900	-14
Daytona Beach (2)	158	122	30	$125,000	$180,000	-31
Fort Lauderdale	818	883	-7	$73,300	$85,100	-14
Fort Myers-Cape Coral	312	278	12	$94,600	$126,400	-25
Fort Pierce-Port St. Lucie	96	87	10	$82,000	$99,200	-17
Fort Walton Beach	87	81	7	$192,900	$247,200	-22
Gainesville	45	40	13	$79,500	$120,000	-34
Jacksonville	233	137	70	$81,600	$108,800	-25
Lakeland-Winter Haven	21	19	11	$55,000	$76,300	-28
Melbourne-Titusville-Palm Bay	149	113	32	$85,000	$104,300	-19
Miami	857	567	51	$104,800	$144,700	-28
Ocala	2	4	-50	$50,000	$70,000	-29
Orlando	859	541	59	$49,300	$49,900	-1
Panama City	50	56	-11	$165,000	$192,500	-14
Pensacola	27	60	-55	$156,700	$235,700	-34
Punta Gorda	34	40	-15	$80,000	$98,000	-18
Sarasota-Bradenton	240	169	42	$136,500	$185,600	-26
Tallahassee	9	9	—	$112,500	$135,000	-17
Tampa-St. Petersburg-Clearwater	733	553	33	$87,900	$104,700	-16
West Palm Beach-Boca Raton	736	651	13	$84,900	$112,200	-24