Florida’s existing condo sales up in September 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®
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=249317