Florida Mortgage Demand Wanes in Jacksonville

In some parts of the state, Florida mortgage applications are on the rise.

Unfortunately, however, the housing market slowed further last month in Northeast Florida. There was a significant dropoff in the sales of single-family existing homes; while the median sale price of local homes also dropped slightly.

Based on figures from the Florida Association of Realtors, 1,191 homes were sold in September. This was a 23 percent decrease from the same period in 2005. Moreover, the number of sales statewide fell 34 percent. Such a growing inventory means that prices are bound to drop even more - and Florida mortgage loan applicants should be poised to pounce when they do.

The median price locally of the aforementioned sold homes was $190,800, down 2 percent from a year ago. Across the state, the median price fell 1 percent to $243,900.

The numbers for the Jacksonville market included figures from the St. Augustine-St. Johns County Board of Realtors for the first time since August.

The St. Johns County numbers, however, were not included in the figures for sales of existing condominiums. In the Jacksonville housing market, the 109 sales were down 52 percent from September 2005, while the median price was unchanged at $176,700.