Florida Median Prices Drop in December

The hot residential Florida real estate market shows no signs of slowing down. It posted double-digit percentage gains for all of 2005, despite the dip in sale prices for single-family homes in December.

The median sale price for a single-family existing home in Florida was $247,000 last month, down from $250,500, according to statistics released on Wednesday by the Florida Association of Realtors.

Neverthess, last month’s median price in Florida was 27 percent HIGHER than the $194,000 price recorded for December 2004, the trade group said. This bodes well seller’s within the Florida home loan industry.

Here’s a rundown of some specific results across The Sunshine State:

1. In Miami, the median price eased to $377,700 in December (from $381,600 in November), while increasing 27 percent from December 2004.
2. Nearby Fort Lauderdale also had a month-over-month price decline to $369,000 in December (from $391,100 in November). The area’s median price was up 22 percent in December a year earlier.
3. In the Tampa region, the median price rose $300 in December from the previous month.
4. Jacksonville enjoyed a $400 rise to $190,400
5. Orlando was flat month-to-month at $254,600.

The trade group, based in Orlando, said Florida’s housing sector was buoyed by steady population increases of about 1,100 new people a day, or more than 400,000 newcomers last year. A large reason for this boost was the baby boomer generation settling down there. The group reported that sales of existing homes last year totaled 248,565 in Florida - or 2 percent more than during 2004.

Even while the rest of the country struggles, the state of Florida home loans typically appears strong and healthy. And why shouldn’t? Between the beautiful weather and constant demand for new homes, the area is popular and economically sound.