Local Home Sales Sets Record

27 01 2004

Existing single-family home sales climbed 13 percent in Florida in 2003, better than the mark for the nation as a whole. Home sales for the country were up 9.6 percent in 2003 over the record-setting year of 2002.

By year’s end, Florida reported a 13 percent gain in the number of existing single-family homes sold and broke the 200,000 mark for annual sales, according to the Florida Association of Realtors.

In total, 203,243 homes changed hands last year compared to 179,631 homes sold in 2002.

And the prices of those homes keep rising. Statewide, the median sales price rose 12 percent to reach $158,400; a year ago, it was $141,700. In 1998, Florida’s median sales price was $101,600, for a 55.9 percent jump over the five-year period.

Throughout 2003, the housing sector propelled Florida’s economy into its current upswing and made the year one for the record books in terms of sales volume and median price, both statewide and nationally.

Sales in Jacksonville climbed 1 percent to 14,072, while the median price of a single-family home rose 11 percent to $138,200.

Last year’s 5.83 percent average interest rate for a 30-year, fixed-rate mortgage was a significant decline from the 6.54 percent average for 2002. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

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