Home Sales Fall, Median Prices Rise in Jacksonville Housing Market

Sales of existing single-family homes in the Jacksonville housing market dropped 18 percent in the third quarter, according to figures from the Florida Association of Realtors, as sales fell by at least 11 percent in all 20 markets tracked by FAR.

The 4,173 existing single-family homes sold in the third quarter was down from 5,116 sold in the third quarter of 2005; more and more Florida mortgage applicants appear to be waiting on the sidelines until prices come down.

But, for whatever reason, that isn’t happening yet: the median home price of such residences rose 5 percent to $204,500.

Across the state, sales fell by 34 percent and the median price of those homes was virtually unchanged at $247,900, up $100 from a year earlier.

However, the chief economist for the National Association of Realtors held out hope for a rebounding housing and Florida home mortgage market as early as the first quarter of next year.

“Many potential buyers who have been taking a wait-and-see attitude or are being methodical in the search process are being enticed by lower home prices,” David Lereah said. “Given a positive economic backdrop of lower [Florida mortgage interest rates] and job creation, we expect sales activity to pick up early next year.”

Sales of existing condominiums also fell statewide and locally.

Across the state, the number of sales fell 41 percent and the median price dropped 3 percent to $204,300.