Florida Median Home Price Rises in May

By Leanne Paynter | 2:07 PM on Jun. 27, 2006 | Florida Real Estate Blog

Florida's Existing Home Median Price Rises in May 2006; Sales Ease as Market Adjusts


In 2001, the statewide median sales price was $125,200, which is an increase of about 104.7 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 $222,700 in April, up 4.3 percent from a year earlier, according to the National Association of Realtors (NAR). In California, the statewide median resales price was $562,380 in March; in Massachusetts, it was $354,000; in Maryland, it was $305,720; and in New York, it was $263,000.

Home sales across the nation are settling into a slower pace, which is good for the long-term health of the sector, according to NAR housing industry analysts. Still, NAR expects 2006 to be the third strongest sales year on record. Analysts note that the adjusting housing market will continue to provide a strong underlying base to the economy, while slower appreciation will help to preserve long-term affordability.

Looking to Florida's existing condominium market, sales of existing condos also decreased in May, with a total of 5,725 condos sold statewide compared to 8,337 in May 2005 for a 31 percent decline, according to FAR. The statewide median sales price for condos remained relatively flat last month at $222,000; a year ago, it was $222,100. The national median existing condo price in April 2006 also was $222,000.

According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 6.60 percent last month, up from 5.72 percent in May 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 Pensacola MSA reported a 1 percent increase in existing home sales in May, with 589 homes sold compared to 582 homes sold a year earlier. The area’s median existing home sales price rose 8 percent to $170,600; a year ago, it was $158,600. Sixty-seven existing condos sold in Pensacola last month compared to 70 condos sold in May 2005 for a drop of 4 percent. The market's median existing condo price rose 31 percent to $196,700; a year ago, it was $150,000.

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 May 2006 to May 2005, based on Realtor transactions within the MSAs. The other chart compares the volume of existing condo sales and median sales prices in May 2006 to May 2005, based on Realtor transactions within the MSAs.

[ Single-Family PDF   HTML ]   [ Condominium  PDF   HTML ]

© 2006 FLORIDA ASSOCIATION OF REALTORS®