Florida Existing Home Sales Improve in April Compared to March 2008

ORLANDO, Fla., May 23 /PRNewswire/ -- Florida Realtors(R) statewide
reported an upswing in existing home and condominium sales from March to April
2008, according to the latest housing statistics released by the Florida
Association of Realtors(R) (FAR). A total of 11,200 existing single-family
homes changed hands in April, a 20 percent increase over the previous month
when 9,330 homes sold. Existing condo sales statewide rose 21.6 percent, with
3,900 units sold in April compared with 3,207 condos in March.
The median price for existing condos increased slightly as well during the
one-month period. The median price of an existing condo in April was $179,200,
up 1.6 percent from March's figure of $176,300.
In the latest National Association of Realtors(R) (NAR) housing outlook,
Chief Economist Lawrence Yun predicts that home sales and prices throughout
most of the nation will improve in the second half of the year, especially if
access to mortgages backed by the Federal Housing Administration, Fannie Mae
or Freddie Mac increases. "There are many reasons for people to get into the
housing market today, and very few reasons not to," Yun says. "With the
plentiful supply of homes for sale at affordable prices, interest rates
approaching 40-year lows, and the strong track record of housing as a good
long-term investment, conditions are ripe for buyers."
In the year-to-year comparison, a total of 11,200 existing homes sold
statewide last month while 12,358 homes sold in April 2007 for a decrease of 9
percent, according to FAR. Florida's median sales price for existing homes
last month was $198,900; a year ago, it was $239,000 for a 17 percent
decrease. But, looking back to April 2003, the statewide median sales price
for single-family homes has increased about 30.9 percent over the
five-year-period, according to FAR records -- at that time, the statewide
existing-home median price was $151,900. The median is the midpoint; half the
homes sold for more, half for less.
In a year-to-year comparison for condos, 3,900 units sold statewide
compared to 4,633 in April 2007 for a 16 percent decline. The statewide
existing-condo median sales price last month was $179,200; in April 2007 it
was $221,300 for a 19 percent decrease. NAR reported the national median
existing condo price was $219,400 in March 2008.
The national median sales price for existing single-family homes in March
2008 was $198,200, down 8.3 percent from a year earlier, according to NAR. In
California, the statewide median resales price was $413,980 in March; in
Massachusetts, it was $315,000; in Maryland, it was $283,692; and in New York,
it was $210,000.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.92
percent, down from the average rate of 6.18 percent in April 2007, according
to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30
to 90 days after sales contracts are written.
Several of Florida's metropolitan statistical areas (MSAs) showed gains in
existing home sales for the month. Realtors around the state reported an
increase in phone calls, home showings and other business activity, as well as
higher pending home sales in their markets. Pending sales are based on
contracts signed but not closed.
Among the state's smaller markets, the Fort Pierce-Port St. Lucie MSA
reported a total of 388 homes sold in April compared to 290 homes a year ago
for a 34 percent increase. The existing home median sales price was $159,200;
a year ago, it was $242,600 for a 34 percent decrease. A total of 101 existing
condos sold in the MSA last month compared to 83 condos the previous April for
a 22 percent increase. The market's existing condo median price was $151,700;
a year ago, it was $163,800 for a decrease of 7 percent.
Scott Wingfield, president of the Realtors Association of St. Lucie and
general manager of Coldwell Banker Thomas J. White Realty in Port St. Lucie,
says it appears that buyer activity is increasing and the market is beginning
to stabilize. "We're working through inventory and that's encouraging," he
says. "Our area is thriving in terms of business diversity and job
opportunities relating to bio-tech and research industries. The environment
for buyers couldn't be better -- mortgage rates are still at historic lows and
Congress is working on legislation that will boost the recovery of the housing
sector."
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 April 2008 to April 2007 based on Realtor transactions; the
other compares the volume of existing, condominium sales and median sales
prices April 2008 to April 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.
Editor's Note: You may wish to use this information with today's release
from the National Association of Realtors.

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

Realtor Sales Median Sales Price
Statewide &
Metropolitan April April % April April %
Statistical Areas 2008 2007 Chge 2008 2007 Chge
(MSAs)
STATEWIDE* (1) 11,200 12,358 -9 $198,900 $239,000 -17
STATEWIDE-YEAR-TO-DATE 36,604 46,656 -22 $201,000 $238,900 -16
Daytona Beach 556 602 -8 $178,100 $205,500 -13
Fort Lauderdale 518 580 -11 $298,100 $363,800 -18
Fort Myers-Cape Coral 809 573 41 $200,300 $283,200 -29
Fort Pierce-Port
St. Lucie 388 290 34 $159,200 $242,600 -34
Fort Walton Beach 208 227 -8 $216,000 $213,600 1
Gainesville 153 225 -32 $198,900 $214,200 -7
Jacksonville 857 1,234 -31 $183,900 $203,800 -10
Lakeland-Winter Haven 265 315 -16 $142,200 $172,400 -18
Melbourne-Titusville
-Palm Bay 482 517 -7 $160,000 $194,500 -18
Miami 281 531 -47 $291,900 $382,300 -24
Marco Island (2) 45 35 29 $510,000 $532,700 -4
Ocala 223 338 -34 $150,700 $172,300 -13
Orlando 1,347 1,609 -16 $215,700 $250,300 -14
Panama City 89 105 -15 $188,200 $192,200 -2
Pensacola 272 326 -17 $157,400 $168,200 -6
Punta Gorda 268 254 6 $143,400 $197,100 -27
Sarasota-Bradenton 743 706 5 $268,200 $302,200 -11
Tallahassee 269 350 -23 $173,000 $181,200 -5
Tampa-St. Petersburg
-Clearwater 2,087 2,257 -8 $176,000 $209,700 -16
West Palm Beach
-Boca Raton 662 665 - $314,000 $376,300 -17

(1) * Statewide figure includes data from the Naples Board of Realtors.
(2) 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 - April 2008
Existing Condominiums

Realtor Sales Median Sales Price
Statewide &
Metropolitan April April % April April %
Statistical Areas 2008 2007 Chge 2008 2007 Chge
(MSAs)
STATEWIDE* (1) 3,900 4,633 -16 $179,200 $221,300 -19
STATEWIDE-YEAR-TO-DATE 12,472 16,067 -22 $178,500 $216,900 -18
Daytona Beach 121 102 19 $213,800 $237,500 -10
Fort Lauderdale 594 683 -13 $150,000 $197,800 -24
Fort Myers-Cape Coral 351 223 57 $195,500 $244,100 -20
Fort Pierce-Port
St. Lucie 101 83 22 $151,700 $163,800 -7
Fort Walton Beach 63 98 -36 $322,700 $400,000 -19
Gainesville 66 74 -11 $135,000 $160,000 -16
Jacksonville 89 258 -66 $155,000 $239,200 -35
Lakeland-Winter Haven 5 21 -76 $130,000 $117,500 11
Melbourne-Titusville
-Palm Bay 109 118 -8 $161,700 $180,000 -10
Miami 318 722 -56 $275,000 $268,000 3
Marco Island (2) 53 35 51 $350,000 $532,700 -34
Ocala 6 7 -14 $75,000 $75,000 -
Orlando 136 207 -34 $120,800 $154,500 -22
Panama City 41 41 - $295,800 $291,700 1
Pensacola 44 65 -32 $250,000 $379,200 -34
Punta Gorda 47 47 - $157,500 $163,300 -4
Sarasota-Bradenton 270 320 -16 $212,000 $238,400 -11
Tallahassee 20 32 -38 $146,700 $152,500 -4
Tampa-St. Petersburg
-Clearwater 508 549 -7 $152,300 $170,400 -11
West Palm Beach
-Boca Raton 664 646 3 $156,400 $218,400 -28

(1) *Statewide figure includes data from the Naples Board of Realtors.
(2) Data is only from the Marco Island Association of Realtors.

Editor's note: Sales numbers represent totals of Realtors' closed
transactions from local Realtorboards/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, +1-407-438-1400, ext. 2326, or Jeff
Zipper, Vice President of Communications +1-407-438-1400, ext. 2314, both of
Florida Association of Realtors(R)