October Home Sales Up, Prices Down in Jacksonville

2 12 2009

Sales of existing homes in October were up in Jacksonville and across the state, but the median price of those homes continued to decline.

Sales in Jacksonville were up 44 percent, and the median sale price of $147,200 was down 13 percent. The local numbers do not include data from the St. Augustine-St. Johns County Board of Realtors.

The Jacksonville numbers were almost identical to the statewide figures. Across Florida sales were up 45 percent, and each of the 20 markets tracked by Florida Realtors (formerly the Florida Association of Realtors) saw an increase. The median sales price statewide fell 17 percent to $140,300. It was the 14th consecutive month home sales rose in the state.

According to the National Association of Realtors’ latest industry outlook, the housing market is continuing its positive momentum.

“We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth,” said NAR Chief Economist Lawrence Yun. “That, in turn, would help fully remove consumer fears, which would then revive the broader economy.”

Sales of existing condominiums more than doubled in the Jacksonville market, but the median price fell 41 percent to $92,500. Sales statewide were up 82 percent, but the median price of $105,200 was down 29 percent.

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