Florida's Existing Home Sales Remain Level in July 2008 Compared to Previous Year's...

Florida's Existing Home Sales Remain Level in July 2008 Compared to Previous
Year's Sales, According to Florida Association of Realtors(R)

ORLANDO, Fla., Aug. 25 /PRNewswire/ -- Single-family existing home sales
rose in Florida for the first time in more than two years: While only six more
homes sold in July 2008 than in July 2007, it could indicate stabilization in
Florida's housing sector, according to the latest housing statistics released
by the Florida Association of Realtors(R) (FAR).
A total of 11,498 existing homes sold statewide last month while 11,492
homes sold in July 2007, maintaining the same level of sales activity in the
year-to-year comparison, according to FAR. The last time statewide sales of
existing homes outpaced the previous year's sales figure was in the year-end
2005 report, according to FAR records, when sales were up 2 percent over
year-end 2004.
Florida's median sales price for existing homes last month was $193,600; a
year ago, it was $238,900 for a 19 percent decrease. But, looking back to July
2003, the statewide median sales price for single-family homes has increased
18 percent over the five-year-period, according to FAR records - at that time,
the statewide existing-home median price was $164,000. The median is the
midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in June
2008 was $213,800, down 6.7 percent from a year earlier, according to NAR. In
California, the statewide median resales price was $368,250 in June; in
Massachusetts, it was $334,900; in Maryland, it was $306,083; and in New York,
it was $219,000.
Industry analysts predict that the housing stimulus bill recently passed
by Congress should help boost the housing sector's recovery. Existing home
sales nationwide are expected to show some modest improvement in the coming
months, according to the latest housing outlook from the National Association
of Realtors(R) (NAR). "With a tax credit now available to first-time home
buyers, increases in home sales could be sustained with the momentum carrying
into 2009," says NAR Chief Economist Lawrence Yun.
In a year-to-year comparison for condos, 3,375 units sold statewide
compared to 3,641 in July 2007 for a 7 percent decline. The statewide
existing-condo median sales price last month was $168,500; in July 2007 it was
$194,100 for a 13 percent decrease. NAR reported the national median existing
condo price was $224,200 in June 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.43
percent, down from the average rate of 6.70 percent in July 2007, according to
Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to
90 days after sales contracts are written.
More than half of Florida's metropolitan statistical areas (MSAs) reported
increased sales of existing homes in July; seven MSAs also showed gains in
condo sales. Realtors around the state reported increased business activity,
including more telephone calls, more home showings and a rise in pending
sales.
Among the state's large to medium-size markets, the West Palm-Boca Raton
MSA reported a total of 652 homes sold in July compared to 605 homes a year
ago for an 8 percent increase. The existing home median sales price was
$291,300; a year ago, it was $372,200 for a 22 percent decrease. A total of
510 existing condos sold in the MSA last month compared to 440 condos the
previous July for a 16 percent increase. The market's existing condo median
price was $152,300; a year ago, it was $178,200 for a 15 percent decrease.
Two charts showing statistics for Florida and its 20 MSAs are attached.
One chart compares the volume of existing, single-family home sales and median
sales prices in July 2008 to July 2007 based on Realtor transactions; the
other compares the volume of existing, condominium sales and median sales
prices July 2008 to July 2007 based on Realtor transactions.
The Florida Association of Realtors(R), the voice for real estate in
Florida, provides programs, services, continuing education, research and
legislative representation to its 125,000 members in 67 boards/associations.

Florida Sales Report - July 2008
Existing Condominiums

Realtor Sales Median Sales Price
Statewide &
Metropolitan Statistical July July % July July %
Areas (MSAs) 2008 2007 Chge 2008 2007 Chge

STATEWIDE* (1) 3,375 3,641 -7 $168,500 $194,100 -13
STATEWIDE-YEAR-TO-DATE 23,326 27,728 -16 $177,900 $211,400 -16
Daytona Beach 103 91 13 $265,600 $320,600 -17
Fort Lauderdale 559 562 -1 $138,300 $187,200 -26
Fort Myers-Cape Coral 174 129 35 $210,400 $230,400 -9
Fort Pierce-
Port St. Lucie 65 48 35 $151,700 $166,700 -9
Fort Walton Beach 67 61 10 $358,300 $380,800 -6
Gainesville 124 173 -28 $143,100 $146,600 -2
Jacksonville (2) 84 134 -37 $148,000 $170,000 -13
Lakeland-Winter Haven 9 12 -25 $127,500 $100,000 28
Melbourne-Titusville-
Palm Bay 98 114 -14 $162,900 $187,500 -13
Miami 395 509 -22 $230,700 $285,800 -19
Marco Island (3) 41 39 5 $470,000 $475,000 -1
Ocala 3 5 -40 $65,000 $82,500 -21
Orlando 151 179 -16 $121,900 $147,700 -17
Panama City 55 55 - $203,100 $305,000 -33
Pensacola 39 42 -7 $325,000 $311,100 4
Punta Gorda 15 12 25 $142,500 $130,000 10
Sarasota-Bradenton 199 299 -33 $227,200 $231,400 -2
Tallahassee 13 43 -70 $98,300 $94,500 4
Tampa-St. Petersburg-
Clearwater 483 543 -11 $147,300 $172,100 -14
West Palm Beach-
Boca Raton 510 440 16 $152,300 $178,200 -15

(1) * Statewide figure includes data from the Naples Area Board of
Realtors.
(2) Data from the St. Augustine & St. Johns County Board of Realtors was
not available.
(3) Data is only from the Marco Island Association of Realtors.

Editor's note: Sales numbers represent totals of Realtors' closed
transactions from local Realtor boards/associations within the MSAs.
This information is based on a survey of MLS sales levels from Florida's
Realtor boards/associations. MSAs are defined by the 2000 Census. Source:
Florida Association of Realtors and the University of Florida Bergstrom Center
for Real Estate Studies.

Florida Sales Report - July 2008
Single-Family, Existing Homes

Realtor Sales Median Sales Price
Statewide &
Metropolitan Statistical July July % July July %
Areas (MSAs) 2008 2007 Chge 2008 2007 Chge

STATEWIDE* (1) 11,498 11,492 - $193,600 $238,900 -19
STATEWIDE-YEAR-TO-DATE 72,347 83,598 -13 $201,000 $240,100 -16
Daytona Beach 595 575 3 $171,100 $204,600 -16
Fort Lauderdale 581 559 4 $303,600 $373,700 -19
Fort Myers-Cape Coral 768 426 80 $154,900 $246,100 -37
Fort Pierce-
Port St. Lucie 415 371 12 $159,300 $231,300 -31
Fort Walton Beach 217 257 -16 $218,200 $228,800 -5
Gainesville 205 319 -36 $187,800 $199,200 -6
Jacksonville (2) 831 1,073 -23 $180,800 $193,100 -6
Lakeland-Winter Haven 267 253 6 $138,300 $172,600 -20
Melbourne-Titusville-
Palm Bay 478 458 4 $152,600 $195,800 -22
Miami 392 505 -22 $322,700 $377,400 -14
Marco Island (3) 31 26 19 $462,500 $540,900 -14
Ocala 167 236 -29 $140,600 $166,500 -16
Orlando 1,656 1,484 12 $209,100 $258,000 -19
Panama City 111 147 -24 $204,400 $215,000 -5
Pensacola 321 427 -25 $157,300 $173,600 -9
Punta Gorda 200 185 8 $141,800 $179,600 -21
Sarasota-Bradenton 657 711 -8 $230,100 $277,700 -17
Tallahassee 218 250 -13 $205,900 $210,200 -2
Tampa-St. Petersburg-
Clearwater 2,174 2,068 5 $176,500 $215,600 -18
West Palm Beach-
Boca Raton 652 605 8 $291,300 $372,200 -22

(1) * Statewide figure includes data from the Naples Area Board of
Realtors.
(2) Data from the St. Augustine & St. Johns County Board of Realtors was
not available.
(3) Data is only from the Marco Island Association of Realtors.

Editor's note: Sales numbers represent totals of Realtors' closed
transactions from local Realtor boards/associations within the MSAs.
This information is based on a survey of MLS sales levels from Florida's
Realtor boards/associations. MSAs are defined by the 2000 Census. Source:
Florida Association of Realtors and the University of Florida Bergstrom Center
for Real Estate Studies.
SOURCE Florida Association of Realtors(R)

Marla Martin, Communications Manager, ext. 2326, or Jeff Zipper, Vice
President of Communications, ext. 2314, +1-407-438-1400