Florida’s existing home, condo sales up in July

Florida’s existing home sales rose in July – the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide existing home sales in July also rose over the previous month’s sales level.

Existing home sales rose 37 percent last month with a total of 15,882 homes sold statewide compared to 11,595 homes sold in July 2008, according to FAR. Statewide existing home sales in July increased 0.2 percent over June’s statewide activity. Florida Realtors also reported a 48 percent rise in statewide sales of existing condos in July.

Florida’s median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease.

The national median sales price for existing single-family homes in June 2009 was $181,600, down 15 percent from a year earlier.

Several positive market factors are influencing the housing sector. Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions.

In Florida’s year-to-year comparison for condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase. The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease. The national median existing condo price was $183,300 in June 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.22 percent last month, down significantly from the average rate of 6.43 percent in July 2008, according to Freddie Mac.