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In July 2001, the statewide median sales price was $132,000, representing an increase of about 90 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.
Nationally, the median sales price for existing single-family homes was $231,500 in June, up 1.1 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $575,800 in June; in Massachusetts, it was $370,000; in Maryland, it was $320,750; and in New York, it was $279,000.
Over the past few months, home sales in the U.S. have held to a narrow range -- a sign that the U.S. housing market is stabilizing, according to NAR housing industry analysts. Sales overall remain historically strong, NAR notes, with 2006 projected to be the third strongest sales year on record.
Looking to Florida's existing condominium market, sales of existing condos also decreased in July, with a total of 4,260 condos sold statewide compared to 6,739 in July 2005 for a 37 percent decrease, according to FAR. The statewide median sales price for condos last month was $210,200; a year ago, it was $211,900 for a 1 percent decrease. The national median existing condo price in June 2006 was $226,900.
According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 6.76 percent last month, up from 5.70 percent in July 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Of the state’s smaller markets, the Ocala MSA reported a total of 525 existing homes sold in July compared to 528 homes sold a year earlier for a 1 percent decline. The area’s median existing home sales price rose 20 percent to $177,200; a year ago, it was $147,400.
Charts showing statistics for Florida and its 20 MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in July 2006 to July 2005, based on Realtor transactions within the MSAs. The other chart compares the volume of existing condo sales and median sales prices in July 2006 to July 2005, based on Realtor transactions within the MSAs.
The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its nearly 155,000 members in 68 boards/associations.
Sarasota, Florida: The 26-unit Devonshire Park development in downtown Sarasota stresses 'smart growth' and will offer a live/work/play lifestyle. Read Full Article...
Broward County, FL: Affordable apartment stock to increase; decaying projects in Hollywood and Deerfield Beach to be torn down, to be replaced with new, additional units. Read Full Article...
Hernando County, FL: Developer proposes a change to allow more density on environmentally valuable land if only half of the property is used. Read Full Article...
In second quarter 2006, Florida's housing sector followed the national trend, showing signs of a market adjusting to a better balance between buyers and sellers. Statewide sales of single-family existing homes totaled 53,161 during the three-month period, a decrease of 27 percent compared to 72,870 homes sold during the same time a year ago, according to the Florida Association of Realtors® (FAR).
"Sales of existing single-family homes in Florida behaved like much of the U.S. in the 2006 second quarter, with the declining strength of the domestic economy continuing to act like a stiff wind in the face of the existing real estate market," says Dr. David Scott, executive director of the Dr. Phillips Institute for the Study of American Business Activity and professor of finance at the University of Central Florida (UCF).
The statewide existing-home median sales price rose 9 percent to reach $254,800 in the second quarter; a year ago, it was $234,500. In 2001, the second-quarter statewide median sales price was $127,400, which is an increase of about 100 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.
This environment is likely to endure across the remaining months of 2006 owing to several factors, Scott says, including the declining rate of growth in the real gross domestic product (GPD); a tepid increase in the number of jobs being created over the past three months; rising conventional mortgage rates; and a rising inventory of homes for sale. He notes that the rising costs of gasoline and energy are starting to strain many household budgets while wages are just barely keeping up with the recent price inflation of about 3.6 percent a year.
Looking to Florida's existing condominium market, sales of existing condos also decreased during the quarter, with a total of 16,522 condos sold statewide compared to 24,599 in second quarter 2005 for a 33 percent decline, according to FAR. The statewide median sales price for condos rose 1 percent to $219,100 for the three-month period; a year ago, it was $217,900.
The latest economy outlook from the National Association of Realtors® (NAR) notes that the housing market is in the process of stabilizing with little change in overall sales volume expected over the balance of the year. Analysts report that the level of activity remains high historically -- 2006 is expected to be the third best year for existing home sales. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.60 percent in first quarter 2006; last year, it was 6.24 percent.
Among the state’s larger markets, the Orlando metropolitan statistical area (MSA) reported 8,189 existing homes sold for the quarter, a decrease of 23 percent compared to the 10,585 homes sold a year ago. The market’s existing-home median sales price increased 18 percent to $265,500; a year ago, it was $224,500. A total of 1,456 existing condos sold in the market over the three-month period, up 24 percent from a year ago, while the existing-condo median price rose 1 percent to $163,500.
The Gainesville MSA, one of the smaller markets in the state, reported that 992 homes changed hands in the second quarter, down 24 percent compared to 1,297 homes sold a year ago. Over the same period, the market’s existing-home median home price rose 21 percent to $214,300; a year ago, it was $176,400. A total of 426 existing condos sold in the market during the second quarter, up 37 percent from a year ago, while the existing-condo median price rose 16 percent to $146,600.
Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the second quarter of 2006 to the second quarter of 2005, based on Realtor-closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in second quarter 2006 to second quarter 2005, based on Realtor-closed transactions from local Realtor boards/associations within the MSAs.
Brooksville, Florida (Hernando County): A 25-acre community of 75 homes is slated for Emerson Road. Adjacent to this community, the developers of Emerson Oaks are undergoing approvals for a 245-unit townhouse community on 24 acres. Read Full Article...
Southwest Florida: Region's cooling housing market is starting to pinch people whose livelihoods are tied to housing. Smaller construction-heavy communities such as North Port, Nokomis, Osprey and East Manatee will likely be hit first and hardest. Read Full Article...
Charlotte County, Florida: Affordable housing problem more desperate. Gulf Breeze Village and Trabue Woods among the few affordable housing developments proposed or pending completion. Read Full Article...
Manatee County, Florida: Planners approve plans for Newport Isles, a 734-acre mixed-use project that will have a 103-acre recreational lake as its central feature. Read Full Article...
Collier County, FL: Rents made less affordable by county fee; this after Collier County lost about half of its rental apartments to condo conversions during the recent hot real estate market. Read Full Article...
Clearwater Beach, Florida (Pinellas County): Six month building moratorium adopted for Marina District. The ban will end 1-30-2007 and applies to all new construction less than 2.5 acres, although repairs and renovations are exempt. Read Full Article...
Tallahassee, FL (Leon County): Three's company, four may be illegal. Parents who buy houses for their college-student children need to be mindful of Tallahassee's rooming-house ordinance which limits the number of non-related people who can live in a house. Read Full Article...
Florida’s Existing Home Median Price Rises in June 2006; Sales Ease as Market Adjusts
Rising mortgage rates, rising inventory levels, rising insurance premiums and higher energy costs impacted Florida's housing sector in June, as the state's housing market continued to adjust following five record-breaking years. Statewide, the existing-home median price rose 3 percent to $257,800 last month; a year ago, it was $249,800, according to the Florida Association of Realtors® (FAR). A total of 18,089 existing single-family homes sold statewide last month, a decrease of 29 percent from the 25,552 homes sold during the previous June, according to FAR.
In June 2001, the statewide median sales price was $132,500, representing an increase of about 94.5 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.
Nationally, the median sales price for existing single-family homes was $229,700 in May, up 6.4 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $564,430 in May; in Massachusetts, it was $352,700; in Maryland, it was $315,003; and in New York, it was $249,900.
Home sales are projected to ease modestly but should stay within a relatively narrow range over the balance of the year -- signs that the market is stabilizing, according to NAR housing industry analysts. Still, NAR expects 2006 to be the third strongest sales year on record. Analysts note that the housing market continues to provide a strong foundation to the economy even as the market adjusts, while slower appreciation assists in preserving long-term affordability.
Looking to Florida's existing condominium market, sales of existing condos also decreased in June, with a total of 5,241 condos sold statewide compared to 8,109 in June 2005 for a 35 percent decrease, according to FAR. The statewide median sales price for condos remained relatively flat last month at $212,500; a year ago, it was $215,700. The national median existing condo price in May 2006 was $229,300.
According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 6.68 percent last month, up from 5.58 percent in June 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, the Orlando metropolitan statistical area (MSA) reported 2,800 existing homes sold last month compared to 3,553 homes sold in June 2005 for a 21 percent decline. The market’s median existing home price rose 10 percent to $266,300; a year ago, it was $242,300. A total of 502 existing condos changed hands in Orlando in June for a 12 percent increase over the 450 condos sold the previous year. The market's median existing condo price was $161,600; a year ago, it was $167,900 for a 4 percent decrease.
Of the state’s smaller markets, the Gainesville MSA reported a total of 402 homes sold in June compared to 450 homes sold a year earlier for an 11 percent decline. The area’s median existing home sales price rose 18 percent to $226,400; a year ago, it was $192,000. A total of 169 existing condos sold in Gainesville last month compared to 135 condos sold in June 2005 for an increase of 25 percent. The market's median existing condo price rose 12 percent to $152,100; a year ago, it was $136,400.
Charts showing statistics for Florida and its 20 MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in June 2006 to June 2005, based on Realtor transactions within the MSAs. The other chart compares the volume of existing condo sales and median sales prices in June 2006 to June 2005, based on Realtor transactions within the MSAs.
Jacksonville, Florida (Duval County): 'Soft Landing' in housing market. Data shows the greater Jacksonville area growth rate has stabilized. Money magazine ranks Jacksonville #6 in the U.S. in terms of projected growth. Read Full Article...
Palm Beach County, Florida: One day after county officials reported that Palm Beach County's housing prices were so high that 90% of the workforce could not afford to buy a median-priced home in the county, a local developer plans affordable housing on an 18-acre plot on State Market Road near downtown Pahokee. Read Full Article...
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In July 2001, the statewide median sales price was $132,000, representing an increase of about 90 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.