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Florida’s existing condo sales up in September 2010
ORLANDO, Fla. – Oct. 25, 2010 – 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. 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.
© 2010 Florida Realtors®