Some Florida Home Prices Increase Despite Low Sales, Mortgage Activity

Were reports of the Florida housing market’s premature? The Sunshine State had three of the top 10 real estate markets in 2006, based on the gain in median sales price, according to Forbes.

Of course, no Florida cities could hold a candle to the price increases in Tulsa (nearly 17 percent), but the much-maligned Miami housing market eked out 7.7 percent price appreciation year-over-year.

Of course, that isn’t necessarily good news for would-be Florida mortgage applicants, nor is excess inventory necessarily being absorbed. But fears of widespread price meltdowns so far have proven false.

Here’s the Forbes list of the top 10 housing markets nationally (varying in price and really putting South Florida mortgage costs in perspective) from the fourth fiscal quarter 2005 to the same quarter in 2006…

1. Tulsa, Oklahoma
Median sales price Q4 2006: $103,500
Median sales price Q4 2005: $88,500
Gain: 16.9%

2. Columbus, Ohio
Median sales price Q4 2006: $103,500
Median sales price Q4 2005: $89,900
Gain: 15.1%

3. Wilmington, North Carolina
Median sales price Q4 2006: $191,500
Median sales price Q4 2005: $170,000
Gain: 12.6%

4. Hollywood, Florida (map above)
Median sales price Q4 2006: $292,650
Median sales price Q4 2005: $265,000
Gain: 10.4%

5. Scottsdale, Arizona
Median sales price Q4 2006: $450,000
Median sales price Q4 2005: $407,750
Gain: 10.4%

6. Brooklyn, New York
Median sales price Q4 2006: $585,000
Median sales price Q4 2005: $535,000
Gain: 9.3%

7. Dayton, Ohio
Median sales price Q4 2006: $75,000
Median sales price Q4 2005: $68,637
Gain: 9.3%

8. Portland, Oregon
Median sales price Q4 2006: $260,300
Median sales price Q4 2005: $239,900
Gain: 8.5%

9. Miami, Florida
Median sales price Q4 2006: $280,000
Median sales price Q4 2005: $260,000
Gain: 7.7%

10. Tampa, Florida (map above)
Median sales price Q4 2006: $199,000
Median sales price Q4 2005: $185,000
Gain: 7.6%

SOURCE: Forbes