Florida existing home sales increased 12% in July over the previous year, while existing condominium sales also increased 12%, according to the Florida Realtors. There were 15,517 single-family homes sold last month, up from 13,874 the prior year.
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Statewide, the group’s members are saying they are seeing increased traffic from potential buyers looking to take advantage of historically low interest rates and prices, said Patricia Fitzgerald, president of Florida Realtors.
The most active market for single-family properties in July was Tampa-St. Petersburg-Clearwater, with 2,673 sales, up 17% from the previous year. Orlando was flat compared to 2010, with 2,268 sales, while Miami had a 47% increase in sales to 873. The only market with a larger percentage increase was Tallahassee, up 57%, but there were only 216 sales there in July.
On the downside were Fort Pierce-Port St. Lucie, off 13% from last year, Fort Myers-Cape Coral, down 3% and Punta Gorda, down 2%.
Median sales prices for single-family homes were off only slightly statewide, down just 1% to $136,500.
Prices in Melbourne-Titusville-Palm Bay were up 19% over the previous year, while in Fort Myers-Cape Coral, they were up 14% and Punta Gorda was up 13%. The market with the biggest percentage decline was Panama City, off 21%.
Median sales prices on condos statewide increased by 4%, to $90,900. In Miami, where sales increased 33% to 1,110, the median price increased by 8%, while in West Palm Beach-Boca Raton, sales increased 26% to 999 but prices fell 12%. Fort Lauderdale had the largest amount of condo sales in July, 1,293, up 12% over the previous year, but the median price remained at $81,200.
Pensacola saw a 17% increase in median sales price over the previous and was the most expensive market for existing condos, at $210,000. There were 54 transactions there in July, up 50% over the previous July.
Daily Briefing | Thursday, August 18, 2011
10 Year Falls Below 2%, Mortgage Rate Hits 50-Year Low
The Dow had fallen more than 400 points and long-term rate-indicative 10-year Treasury yield had plunged to a record low below 2% at one point Thursday as the average weekly 30-year mortgage rate tracked by Freddie Mac hit a low not seen in over 50 years.
Home Sales Fall in July As Outlook Turns Darker
Sales of single-family existing home sales fell 4% in July after a 1% increase in June, but condominium sales were unchanged month over month, according to the National Association of Realtors.
IL Homes Sales Pick up Nicely
Existing home sales in Illinois in July were up 18% over the previous year but median prices were down by 4%, the Illinois Association of Realtors reported. The data includes both single-family properties and condominiums.
Fair Isaac Loses a Round in Court
The U.S. Court of Appeals for the Eighth Circuit has rejected an appeal from Fair Isaac Corp., Minneapolis, letting stand a judge’s ruling dismissing some of its claims before trial against VantageScore Solutions, Stamford, Conn., and Experian, Costa Mesa, Calif.
Chase Giving DPA Funds to Detroit Cops, Workers
Over the next two years JP Morgan Chase will grant $1 million in downpayment assistance as an incentive to police officers and city employees in Detroit who agree to purchase vacant homes and return to the city.
CRE Challenge: Much Debt Maturing Until 2015
The biggest short- and long-term challenges facing commercial real estate going forward are the large amount of debt maturing between now and 2015, said an executive with Deloitte LLP.
CRE Overhang May Make Buyers’ Market
The large amount of maturing mortgage debt is an opportunity for institutional investors to acquire at good prices commercial real estate from sellers who are overleveraged, a report from a unit of BNY Mellon Asset Management declares.
Market Instability Good For CRE
A commercial real estate investment advisor in Orlando calls Standard Poor’s downgrade of the United States sovereign credit rating “good news for commercial real estate” both nationally and locally.