Home Sales Drop, Median Price Inches Up 2%

24 10 2007

Jacksonville was the only market in Florida to see an increase in the median price of existing single-family homes in September, according to figures from the Florida Association of Realtors (FAR.)

The median price of $194,800 was up just 2 percent from September 2006, but it compared favorably with the statewide median, which dropped 9 percent to $221,200.

The median price fell in the other 19 markets tracked by the FAR, with six markets experiencing double-digit declines.

The number of home sales fell more sharply than the median price. In Jacksonville, sales were down 26 percent from a year ago, while the statewide drop was 38 percent. Sales were down at least 20 percent in 17 of the 20 markets.

Sales of existing condominiums fell 14 percent in Jacksonville in September, compared with 37 percent statewide. The median price of those condos locally was down 12 percent to $162,700, while the statewide median price of $194,200 was down 4 percent.

Condos were even more volatile than single-family homes, with nine markets having drops in the median price of at least 39 percent, the most drastic being drops of 70 percent and 71 percent in Lakeland and Punta Gorda, respectively.

Source: Florida Association of Realtors


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