June Home Sales Up, Prices Down in Jacksonville

25 07 2009

Sales of existing homes rose statewide and in Jacksonville in June, according to data from the Florida Association of Realtors.

But the median sales price continued to fall compared to a year ago, with prices down in 19 of the 20 markets tracked by FAR.

Sales of single-family existing homes in Jacksonville were up 16 percent compared to June 2008. The median price was $162,100, down 18 percent from a year ago. The statewide median price was down 28 percent to $148,000, though it was up 2.5 percent from May.

Sales of condominiums in Northeast Florida were up 1 percent, but the median sales price fell 32 percent to $124,300. Statewide sales were up 39 percent and the median price of $112,900 was down 37 percent.

Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to housing industry analysts with the National Association of Realtors.

Nationwide, existing home sales rose 3.6 percent to a seasonally adjusted rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but was still 0.2 percent lower than in June 2008.

The national median existing home price was $181,800 in June, down 15.4 percent from a year ago.

The National Association of Realtors latest housing industry outlook notes the $8,000 tax credit for first-time homebuyers is boosting the sector. “Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade,” NAR Chief Economist Lawrence Yun said in a news release. But, he added, “the increase in sales is less than expected because poor appraisals are stalling transactions. The big question is how much the appraisal issue will impact the ability of contracts to go to closing.”

Source: Florida Association of Realtors



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