Source: orlando.bizjournals.com
Home sales in Florida and across the country are starting to rebound as affordability pushes many who were on the fence back into the housing market.
Sales of existing single-family homes in Florida rose 23 percent in the second quarter, year-over-year, according to the latest housing statistics from the Florida Association of Realtors.
Statewide, 43,125 existing homes sold in the second quarter, up from 35,008 in the year-ago period. That’s the fourth consecutive quarter home sales have increased, year-over-year.
Condo sales statewide rose 29 percent, to 14,742 from 11,459 a year ago.
The statewide existing home median sales price was down 29 percent, to $143,600 from $203,200, as foreclosures continue to impact the market.
The statewide existing-condo median sales price was $111,100 for the three-month period, down 38 percent from $179,800 a year earlier.
The number of homes sold in the Orlando area was up by 36 percent, compared to the same period last year. The state trade group reported 6,074 homes were sold in the second quarter of this year, compared to 4,477 during the same period a year ago.
However, the median sales price fell 33 percent, from $216,900 in the second quarter of last year to $144,400 this year.
In the Daytona Beach area, there were 1,924 homes sold in the second quarter of 2009, compared to 1,713 sold during the same period last year, or an increase of 12 percent. The median sales price was 24 percent lower, from $174,500 in the second quarter of last year to $132,500 for the same period this year.
Condominium sales in the Orlando area more than tripled, as 1,395 condos were sold in the second quarter of 2009, compared to 462 during the same period last year. The value, however, fell by nearly the same margin — from $127,000 to $52,100 or a decrease of 59 percent.
Condo sales in the Daytona area were also up, but not by the same large margin. The area reported 373 sales during the second quarter of 2009, compared with 293, or an increase of 27 percent. Values also fell, but not by nearly as much as in Orlando. The median price was $176,700 in the second quarter, compared to $229,400 in the same period last year, or a decrease of 23 percent.
“Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates,” FAR President Cynthia Shelton said in a news release.
Nationwide, existing home sales rose 3.8 percent, to a seasonally adjusted rate of 4.76 million units in the second quarter from 4.58 million units in the first quarter. However, this is 2.9 percent below the 4.9 million units sold in the second quarter of last year, according to the National Association of Realtors.
“With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy,” said Lawrence Yun, NAR chief economist, in a news release.
