Florida’s Existing Home, Condo Sales Rise in April 2009
ORLANDO, FL - May 27, 2009 - (RealEstateRama) — Florida’s existing home sales rose in April – the eighth consecutive month that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). April’s statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets.
Existing home sales rose 18 percent last month with a total of 13,111 homes sold statewide compared to 11,133 homes sold in April 2008, according to FAR. April’s statewide existing home sales were slightly higher than statewide activity in March.
Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in April; existing condo sales last month increased 6.2 percent over the total units sold in March.
Fourteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 11 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 10 consecutive months.
Florida’s median sales price for existing homes last month was $138,500; a year ago, it was $199,500 for a 31 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note, however, a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. 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 March 2009 was $174,900, down 11.5 percent from a year earlier, according to NAR. In California, the statewide median resales price was $253,040 in March; in Massachusetts, it was $255,000; in Maryland, it was $264,302; and in New York, it was $222,500.
According to NAR’s latest housing industry outlook, it could take a few months for the housing market to gain momentum, though there are signs of stabilization. “The share of lower priced home sales has trended up, indicating a return of many first-time buyers,” said NAR Chief Economist Lawrence Yun. “Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit. By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions.”
In Florida’s year-to-year comparison for condos, 4,660 units sold statewide compared to 3,862 units in April 2008 for a 21 percent increase. The statewide existing condo median sales price last month was $106,600; in April 2008 it was $178,900 for a 40 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $177,600 in March 2009.
Interest rates for a 30-year fixed-rate mortgage averaged 4.81 percent last month, down significantly from the average rate of 5.92 percent in April 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s smaller markets, the Pensacola MSA reported a total of 316 homes sold in April compared to 272 homes a year ago for a 16 percent increase. The existing home median sales price was $143,300; a year ago, it was $157,400 for a 9 percent decrease. In the year-to-year comparison for the existing condo market, 48 units sold in the MSA last month, up 9 percent compared to 44 condos sold the previous April. The market’s existing condo median price remained level at $250,000.
Two charts showing statistics for Florida and the state’s MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in April 2009 to April 2008 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices April 2009 to April 2008 based on Realtor transactions.
Single-Family pdf html
Condominium pdf html
The Florida Association of Realtors®, the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 115,000 members in 67 boards/associations.
Contact:
Marla Martin, Communications Manager
407/438-1400, ext. 2326 or 2314
Comments
I am now 9 days past my closing and 9 days from homelessness and still no response from Bank of America.
I too is having problems closing at Bank of America! My loan app is under condo project approval and its taking a while to get the result. I have to file for a lock rate extension starting 8/10 for the next 15 days only!..until now im still waiting if they will approve or reject my application! Im soo frustrated!
Leave a comment
Related posts:
- Florida existing home sales improve in April compared to March 2008
ORLANDO, Fla. – May 23, 2008 – Florida Realtors® 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® (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...
- Florida’s Existing Home, Condo Sales Rise in March 2009
ORLANDO, FL - April 24, 2009 - (RealEstateRama) — Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). March’s statewide sales also increased over the previous month’s sales level in both...
- Florida’s Existing Home, Condo Sales Rise in October 2008
ORLANDO, FL - December 11, 2008 - (RealEstateRama) — For the second month in a row, Florida’s existing home sales rose in October, with Florida Realtors® reporting a 15 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the...
- Florida’s Existing Home, Condo Sales Rise in February 2009
ORLANDO, FL - March 24, 2009 - (RealEstateRama) — Florida’s existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). February’s statewide sales also increased over January’s figures in both the existing home and existing...
- Florida’s Existing Home, Condo Sales Rise in December 2008
ORLANDO, FL - January 26, 2009 - (RealEstateRama) — Florida’s existing home sales rose in December, making it the fourth consecutive month that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR)....
Buyer, beware if you are planning to try purchase a condominium with a mortgage through Bank of America in Orlando, Florida !!
The specific nature of the problem is how one internal office of Bank of America, called the Bank of America Project Approvals-Condominium Approval Department is affecting condo buyer’s ability to close.
If the Government is going to allow Bank of America to single out one specific geographic area and one type of home buyer over another other to enforce a special set of guidelines and to create a pseudo-entity called the Bank of America Project Approvals-Condominium Approval Department that only they, (Bank of America), have control over the outcome, then wouldn’t it be fair to at least inform not only the buyer and the seller that this is the price of doing business with the U.S. Government’s Bank but also the Governors, Mayors and Council people that they cannot look to the U.S. Government’s Bank, Bank of America, to assist their States, Counties, Cities and especially their Citizens for assistance in solving the housing crisis.
The end result for me is my 6/12 closing has come and gone and I am still in limbo and no one at my lender including the Senior Vice President can or will find out how to confirm a specific closing date. Had I closed on time I would be finishing up the paint and getting ready for flooring, now I am 20 days from homelessness with 20% down waiting for the Bank of America Project Approvals-Condominium Approval Department approval.