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.

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© 2006 FLORIDA ASSOCIATION OF REALTORS®

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.

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© 2006 FLORIDA ASSOCIATION OF REALTORS®

Florida's Existing-Home Median Price Rises; Sales Ease in April 2006


Florida's housing sector continued to show signs of market adjustments in April as mortgage rates edged up and the inventory of homes available for sale remained at higher levels in many markets. Statewide, the existing-home median price rose 13 percent to $249,700 last month; a year ago, it was $221,100, according to the Florida Association of Realtors® (FAR). A total of 16,392 existing single-family homes sold statewide last month, a decrease of 31 percent from the 23,844 homes that changed hands during the previous April, according to FAR.

In 2001, the statewide median sales price was $127,100, which is an increase of about 96.4 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 $217,300 in March, up 7.8 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $561,350 in March; in Massachusetts, it was $344,000; in Maryland, it was $298,617; and in New York, it was $260,000.

Most of the U.S. is entering a period of equilibrium in the housing market, which is good for the long-term health of the sector, according to NAR housing industry analysts. NAR notes that sales overall remain historically strong and are providing a solid foundation for the overall economy.

Looking to Florida's existing condominium market, sales of existing condos also decreased in April, with a total of 5,556 condos sold statewide compared to 8,775 in April 2005 for a 37 percent decline, according to FAR. The statewide median sales price for condos rose 4 percent to $222,900 last month; a year ago, it was $213,400. The national median existing condo price was $225,500 in March 2006.

The interest rate for a 30-year fixed-rate mortgage in April averaged 6.51 percent, up from the 5.86 percent averaged during the same month a year ago. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Amongthe state’s larger markets, the Orlando metropolitan statistical area (MSA) reported 2,491 existing homes sold last month compared to 3,375 homes sold in April 2005 for a decrease of 26 percent. The market’s median existing home price rose 24 percent to $263,100; a year ago, it was $211,500. A total of 486 existing condos changed hands in Orlando last month for a 61 percent gain over the 302 condos sold in April 2005. The market's median existing condo price rose 10 percent to $166,100; a year ago, it was $150,800.

Of the state’s smaller markets, the Tallahassee MSA reported a 5 percent gain in existing home sales in April, with a total of 436 homes changing hands compared to 415 homes sold last year. The area’s median existing home sales price rose 11 percent to $172,000; a year ago, it was $154,800. Thirty-six existing condos sold in Tallahassee last month for an increase of 112 percent over the 17 condos sold a year ago. The market's median existing condo price rose 11 percent to $152,900; a year ago, it was $137,500.

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

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© 2006 FLORIDA ASSOCIATION OF REALTORS®