Upswing Trend of Existing Home, Condo Sales in Florida Continues

Annual sales of existing homes and condos in Florida increased 10% in September indicating an upswing trend that started to become apparent in January may continue.

Florida Realtors reported a total of 15,036 homes were sold in September statewide, compared to 13,723 in September 2010.

Insiders point to a more stabilized housing market and affordability as the primary drivers of the change.

According to the association’s chief economist John Tuccillo this growth and an uptick in prices “well above where they were in January 2011,” after being static over the past few months, indicate the upward trend in sales seen since January 2011 is taking hold.

One major factor affecting this improvement is a level of stabilization in the distressed property market, even though it “is not a problem that’s going away.” In his view, it is a trend largely overlooked by buyers and investors.

In September 15 of Florida’s metropolitan statistical areas reported increases in the sales of existing homes and condos.

The median housing price in Florida however dropped only by 1%, which is less than the national median. The statewide median sales price for existing homes was $133,900, down from $135,000 in September 2010.

By comparison, the national median sales price in August 2011 was $168,400, down 5.4% from a year ago, according to the National Association of Realtors. The highest statewide median resales price in August was reported in California at $297,060, followed by Maryland at $241,564 and in New York at $220,000.

NAR data show that since foreclosures and other distressed properties generally sell at a discount they will continue to pressure down the median sales price for existing single-family homes especially in the most distressed areas.

In Florida 6,666 condo units were sold statewide in September, up 10% from the 6,035 units sold in September 2010. The statewide existing condo median sales price during the month was $87,200, up 7% from $81,800 last year.

Daily Briefing | Thursday, October 20, 2011

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Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_457/fla-home-condo-sales-up-1027072-1.html

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