Florida Housing Sales, Median Prices on the Decline

Single-family existing home sales across the Florida housing market totaled 33,748 during the first three months of the year, down 26 percent from the 45,844 homes sold during the same period last year.

The median sales prices in that category of homes was $237,000 in the first quarter, lower than the $243,500 price from the first quarter of 2006.

Existing Florida condo sales fell 30 percent in the first quarter, with a total of 10,537 condos sold statewide compared with 15,031 in first-quarter 2006. Median sales price for condos remained flat at $210,800 when compared with the $209,900 price from a year ago.

According to a University of Florida quarterly survey of industry executives, market research economists, real estate scholars and other experts, the Florida mortgage market appears to be equalizing.

“We see that as a benchmark,” says Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies, in a prepared statement. “When prices maintain the same level as inflation, then we’re probably in some kind of equilibrium. It indicates the market is stabilizing.”

FAR’s report also shows the Orlando housing market experienced a 33 percent decline in single-family existing home sales, from 7,094 in the first quarter of 2006 to 4,736 in the same period this year, with the median sales price remaining steady at just more than $257,000.

Existing condo sales in the first quarter, meanwhile, dropped 51 percent, from 1,501 in 2006’s first quarter to 731 in the same period this year. The median sales price was $166,800 for the first quarter of this year, slightly below the $168,500 for the same period a year prior.

If prices continue to fall in this region and across the Sunshine State, you can expect Florida mortgage loan activity to pick up. Let us know if you have any questions about the process by completing the cost-free form above.