Florida's Existing Home Sales Remain Slower in June 2007

Florida's Existing Home Sales Remain Slower in June 2007: Despite favorable mortgage interest rates, strong job growth and other positive economic conditions, statewide sales of existing single-family homes in Florida totaled 12,954 in June and were closer to activity levels in June 2002 -- prior to the housing boom years -- than June 2006 figures when 18,607 homes sold for a 30 percent decrease in the year-to-year comparison, according to the Florida Association of Realtors(R) (FAR).
Florida's median sales price for existing single-family homes last month was $243,200; a year ago, it was $256,200 for a 5 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In June 2002, the statewide median sales price for single-family homes was $142,400, for an increase of 70.8 percent over the five-year-period, according to FAR records.
In May 2007, the national median sales price for existing single-family homes was $223,000, down 2.4 percent from the previous year, according to the National Association of Realtors(R) (NAR). In California, the statewide median resales price was $591,180 in May; in Massachusetts, it was $355,000; in Maryland, it was $312,683; and in New York, it was $239,000.
Existing home sales are expected to recover in 2008 and pick up by the end of this year, according to NAR's latest market outlook. "It appears some buyers are simply waiting for more signs of stability before they get serious about getting into the market," says NAR Senior Economist Lawrence Yun. "The market is underperforming when you consider positive fundamentals such as the strength in job creation, economic growth, favorable mortgage interest rates and flat home prices."
Sales of existing condominiums in Florida also decreased last month, with a total of 4,004 condos sold statewide compared to 5,532 in June 2006 for a 28 percent decline, according to FAR. The statewide median sales price for condos last month was $206,100, down 3 percent from June 2006's condo median price of $213,200. NAR reported the national median existing condo price was $228,200 in May 2007.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.66 percent, according to Freddie Mac, lower than the average rate of 6.68 percent in June 2006. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's larger markets, the Sarasota-Bradenton Metropolitan Statistical Area (MSA) reported 797 existing homes sold last month compared to 762 homes sold a year ago for a 5 percent increase. The market's median sales price for homes was $292,700; it was $326,800 in June 2006 for a 10 percent decrease. A total of 276 existing condos changed hands in the MSA last month, down 7 percent from the 297 condos sold the previous year. The existing condo median sales price in June was $256,300; a year ago, it was $287,500 for an 11 percent decrease.
"Several factors are influencing the market in the Sarasota-Bradenton area," says May Aston, president of the Manatee Association of Realtors and real estate consultant with RE/MAX Gulfstream Realty. "Here in Manatee County, our location and beautiful beaches are central to the major airports and attractions. Inventory is plentiful, and sellers have adjusted their price expectations, which helps make homes more affordable again."
Among the state's smaller markets, the Tallahassee MSA reported a total of 422 homes sold in June compared to 512 homes a year ago for an 18 percent decrease. The existing home median sales price was $187,900; a year ago, it was $180,500 for a 4 percent increase. A total of 42 existing condos sold in the MSA last month compared to 41 condos the previous June for a 2 percent increase. The market's existing condo median price was $161,500; a year ago, it was $141,000 for an increase of 15 percent.
Robby Turner, president of the Tallahassee Board of Realtors and broker- owner with Robby Turner Realty, says that the area's economy remains strong and home sales are returning to a more normal pace. "As the state capital, Tallahassee is fortunate to have a stable, government-based economy, as well as a positive employment and job outlook due to our higher education institutions and a vibrant healthcare industry," he says. "We are the center of an eight-county region that offers plenty of room to grow."
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; the other compares the volume of existing, condominium sales and median sales price in June 2007 to June 2006 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 150,000 members in 67 boards/associations.
Florida Sales Report - June 2007 Single-Family, Existing Homes

Realtor Sales Median Sales Price
Statewide &
Metropolitan June June % June June %
Statistical Areas 2007 2006 Chge 2007 2006 Chge
(MSAs)

STATEWIDE* (1) 12,954 18,607 -30 $243,200 $256,200 -5
STATEWIDE
YEAR-TO-DATE 71,247 99,806 -29 $238,300 $247,400 -4
Daytona Beach 632 894 -29 $197,100 $219,900 -10
Fort Lauderdale 674 861 -22 $382,000 $377,400 1
Fort Myers-Cape Coral 558 891 -37 $253,900 $268,000 -5
Fort Pierce-Port
St. Lucie 316 513 -38 $237,100 $257,500 -8
Fort Walton Beach 274 309 -11 $238,500 $240,500 -1
Gainesville 327 402 -19 $217,100 $226,400 -4
Jacksonville 1,270 1,700 -25 $212,200 $220,700 -4
Lakeland-Winter Haven 313 507 -38 $175,300 $183,900 -5
Melbourne-Titusville-
Palm Bay 497 629 -21 $198,000 $232,800 -15
Miami 469 884 -47 $371,600 $378,000 -2
Naples-Marco
Island* (2) 43 35 23 $530,600 $535,200 -1
Ocala 284 525 -46 $176,700 $170,800 3
Orlando 1,595 2,800 -43 $258,100 $266,300 -3
Panama City 146 142 3 $200,000 $210,000 -5
Pensacola 461 524 -12 $168,000 $172,100 -2
Punta Gorda 218 323 -33 $199,000 $222,300 -10
Sarasota-Bradenton 797 762 5 $292,700 $326,800 -10
Tallahassee 422 512 -18 $187,900 $180,500 4
Tampa-St. Petersburg-
Clearwater (2) 2,428 3,751 -35 $220,900 $234,900 -6

West Palm Beach-
Boca Raton 764 947 -19 $377,900 $405,500 -7


(1) Statewide figure includes data from the Naples Area Board of Realtors
and Association of Real Estate Professionals.
(2) Data is only from the Marco Island Association of Realtors.
(3) Data from the Hernando County Association of Realtors now included in
the totals from 2006 and 2007.


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 Real Estate Research Center.
Florida Sales Report - June 2007 Existing Condominiums


Realtor Sales Median Sales Price
Statewide &
Metropolitan June June % June June %
Statistical Areas 2007 2006 Chge 2007 2006 Chge
(MSAs)

STATEWIDE* (1) 4,004 5,532 -28 $206,100 $213,200 -3
STATEWIDE
YEAR-TO-DATE 22,944 31,578 -27 $209,400 $210,600 -1
Daytona Beach 102 125 -18 $276,900 $248,100 12
Fort Lauderdale 595 910 -35 $194,100 $212,300 -9
Fort Myers-Cape Coral 194 183 6 $254,800 $269,100 -5
Fort Pierce-Port
St. Lucie 65 63 3 $229,500 $230,400 --
Fort Walton Beach 62 74 -16 $416,700 $430,800 -3
Gainesville 144 169 -15 $153,800 $152,100 1
Jacksonville 149 245 -39 $173,200 $170,400 2
Lakeland-Winter Haven 12 26 -54 $120,000 $96,700 24
Melbourne-Titusville-
Palm Bay 120 154 -22 $202,200 $211,400 -4
Miami 509 1,058 -52 $275,500 $257,600 7
Naples-Marco
Island* (2) 9 57 -84 $350,000 $508,100 -31
Ocala (3) N/A N/A N/A N/A N/A N/A
Orlando 188 502 -63 $156,900 $161,600 -3
Panama City 58 41 41 $300,000 $287,500 4
Pensacola 46 71 -35 $180,000 $133,800 35
Punta Gorda 31 37 -16 $150,000 $161,300 -7
Sarasota-Bradenton 276 297 -7 $256,300 $287,500 -11
Tallahassee 42 41 2 $161,500 $141,000 15
Tampa-St. Petersburg-
Clearwater (4) 654 697 -6 $165,900 $171,900 -3
West Palm Beach-
Boca Raton 529 512 3 $201,500 $208,100 -3


(1) Statewide figure includes data from the Naples Area Board of Realtors
and Association of Real Estate Professionals.
(2) Data is only from the Marco Island Association of Realtors.
(3) Data from the Ocala-Marion County Association of Realtors was not
available.
(4) Data from the Hernando County Association of Realtors now included in
the totals from 2006 and 2007.


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 Real Estate Research Center.