Florida’s existing home sales rose in March, which means that sales activity has increased in the year-to-year comparison for 19 months
ORLANDO, Fla. – April 22, 2010 – Florida’s existing home
sales rose in March, which means that sales activity has increased in
the
year-to-year comparison for 19 months, according to the latest housing
data
released by Florida Realtors®.
Existing home sales increased 24 percent last month
with a
total of 16,294 homes sold statewide compared to 13,090 homes sold in
March
2009, according to Florida Realtors. Statewide existing home sales last
month
increased 37 percent over statewide sales activity in February. Also
noteworthy: While March’s statewide existing-home median price of
$137,000 was
down from the same time a year ago, it was 4.3 percent higher than
February’s
statewide existing-home median price.
Florida Realtors also reported a 63 percent
increase in
statewide sales of existing condos in March compared to the previous
year’s
sales figure; statewide existing condo sales last month rose 40.6
percent over
the total units sold in February. Though March’s statewide
existing-condo
median price of $96,900 was down compared to the year-ago figure, it was
5.1
percent higher than February’s statewide existing-condo median price.
Seventeen of Florida’s metropolitan statistical
areas (MSAs)
reported increased existing home sales in March while all MSAs had
higher condo
sales. A majority of the state’s MSAs have reported increased sales for
21
consecutive months.
Florida’s median sales price for existing homes
last month
was $137,000; a year ago, it was $141,300 for a 3 percent decrease.
Industry
analysts with the National Association of Realtors® (NAR) note that sales of
foreclosures and other distressed
properties continue to downwardly distort the median price because they
generally sell at a discount relative to traditional homes. The median
is the
midpoint; half the homes sold for more, half for less.
Thenational median
sales price for existing single-family homes in February
2010 was $164,300, down 2.1 percent from a year earlier, according to NAR. In California, the
statewide
median resales price was $279,840 in
February; in Massachusetts, it was $271,950; in Maryland, it was $237,446;
and in New York, it was $225,000.
NAR’s latest outlook
anticipates a
rise in home sales in late spring, which should help to absorb
inventory. Increased
pending sales is a positive sign for home prices, which are continuing
to
stabilize, according to NAR Chief Economist Lawrence Yun.
In Florida’s year-to-year comparison for condos,
7,148 units
sold statewide last month compared to 4,387 units in March 2009 for an
increase
of 63 percent. The statewide existing condo median sales price last
month was $96,900;
in March 2009 it was $108,500 for an 11 percent decrease. The national median existing condo price was $170,200
in February, according to NAR.
Interest rates for a 30-year fixed-rate mortgage
averaged 4.97
percent last month, down from the average rate of 5 percent in March
2009,
according to Freddie Mac. Florida Realtors’ sales figures reflect
closings,
which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, the
Sarasota-Bradenton MSA
reported a total of 1,055 homes sold in March compared to 765 homes a
year
earlier for a 38 percent increase. The market’s existing home median
sales
price last month was $163,800; a year earlier it was $150,000 for an
increase
of 9 percent. A total of 382 condos sold in the MSA in March compared to
226
units sold the same month a year earlier for an increase of 69 percent.
The
existing condo median price last month was $146,400; a year earlier, it
was
$129,000 for a gain of 13 percent.
Related: NAR: Existing-home
sales rise on buyer tax credit, favorable market conditions
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