Florida’s Existing Housing Market Shows Improvement

by admin

Many Florida Realtors statewide noted positive movement in their local housing markets in June, with an upswing in the statewide median price reported for both existing home sales and condominium sales over May 2008, according to the latest housing statistics released by the Florida Association of Realtors (FAR).

The statewide existing-home median price in June was $205,500, up 1 percent from May’s median price of $203,300. The median price of an existing condo last month was $183,700, also up 1 percent from May’s figure of $181,800.

Nationally, existing home sales are expected to show some modest gains in the coming months, with a recovery predicted during the latter part of the year, according to the latest housing outlook from the National Association of Realtors (NAR).

The national median sales price for existing single-family homes in May 2008 was $206,700, down 6.8 percent from a year earlier, according to NAR. Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.32 percent, down from the average rate of 6.66 percent in June 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Several of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in June. A few MSAs also showed gains in condo sales. Realtors around the state reported heightened buyer interest in their markets, with a responding increase in telephone calls, home showings and other business activity.

The Florida Association of Realtors, the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 125,000 members in 67 boards/associations. Visit floridarealtors.org for more information.

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