FAR: Home Sales Up, But Prices Continue to Fall

23 03 2009

While sales of existing homes in Florida rose for the sixth month in a row, prices remained significantly depressed.

Existing home sales in the Sunshine State rose 20 percent, with 9,858 homes sold statewide, up from 8,181 homes sold during the same month last year, according to the latest housing data from the Florida Association of Realtors.

The sale of existing condos was up 15 percent last month to 3,198 from 2,785 units sold in February 2008. February condo sales were up 25.1 percent over the total units sold in January.

The statewide existing condo median sales price last month was $109,300, down 37 percent from last February, when the median sales price was $173,900.

Thirteen of Florida’s metropolitan statistical areas reported increased existing-home sales in February, while 11 MSAs also showed gains in condo sales. That marks the eighth month in a row that a number of markets have reported increased sales.

However, prices remain down, the result of discounted sales and foreclosures.

The statewide median sales price for existing homes last month was $141,900 – down 29 percent from a year ago, when it was $199,300.

The median is the midpoint of sales prices: Half the homes sold for more, half for less.

In Jacksonville sales were up 6 percent and the median price fell 11 percent to $159,500. Condo sales fell 26 percent and the median price was down 17 percent to $118,600.

Source: Florida Association of Realtors








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