For the second month in a row, Florida’s existing home sales rose in October, with Florida Realtors reporting a 15 percent increase in activity in the year-to-year comparison; October’s sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).
A total of 10,443 existing homes sold statewide in October, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.
Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in October; seven MSAs also showed gains in condo sales, marking it the fourth consecutive month that a number of markets have noted higher sales activity.
Florida’s median sales price for existing homes in October saw a 24 percent decrease from last year. The national median sales price for existing single-family homes in September 2008 was down 8.6 percent from a year earlier, according to the National Association of Realtors (NAR).
In Florida’s year-to-year comparison for condos, October saw a 5 percent increase from last year. The statewide existing condo median sales this October saw a 23 percent decrease.
Interest rates for a 30-year fixed-rate mortgage averaged 6.20 percent, down from the average rate of 6.38 percent in October 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s large to medium-size markets, the Miami MSA reported a total of 453 homes sold in October compared to 367 homes a year ago for a 23 percent increase. The existing home median sales price had a 30 percent decrease. In the year-to-year comparison for the existing condo market, a total of 439 units sold in the MSA in October, up 1 percent compared to 436 condos sold the previous October. The market’s existing condo median price had a 26 percent decrease.
The Florida Association of Realtors provides programs, services, continuing education, research and legislative representation to its 125,000 members in 67 boards/associations.