Florida home sales up again in August

Florida's existing home sales rose in August — marking a full calendar year that sales activity increased in the yearto year comparison, according to the latest housing data released by Florida Realtors.

Realtor sold homes in Lee County were up 83 percent in August compared to a year ago. Overall, 1,252 homes were sold in the Fort Myers-Cape Coral statistical area compared to 684 in August 2008.

Existing home sales rose 28 percent last month in Florida with a total of 13,850 homes sold compared to 10,813 homes sold in August 2008, according to Florida Realtors. The state association also reported a 45 percent increase in last month's statewide sales of existing condos compared to the previous year's sales figure.

Sixteen of Florida's metropolitan statistical areas reported increased existing home sales in August; 18 MSAs also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 14 consecutive months.

"For a year now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures," says 2009 Florida Realtors President Cynthia Shelton, CCIM, a broker and director of investment sales with Colliers Arnold in Orlando. "This is encouraging news, and while it shows the beginnings of recovery, the housing market still needs time to continue its gradual absorption of housing inventory that will help stabilize home prices."

Florida's median sales price for existing homes last month was $147,400; a year ago, it was $188,500 for a 22 percent decrease. The median home price in Lee County was $89,300, down 39 percent from August 2008.

Housing industry analysts with the National Association of Realtors note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. 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 July 2009 was $178,300, down 14.6 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resale price was $310,000 in July; in California, it was $285,480; in Maryland, it was $273,769; and in New York, it was $205,000.

In Florida's year-to-year comparison for condos, 4,674 units sold statewide compared to 3,222 units in August 2008 for a 45 percent increase. The statewide existing condo median sales price last month was $107,500; in August 2008 it was $158,100 for a 32 percent decrease. The national median existing condo price was $178,800 in July 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.19 percent last month, down significantly from the average rate of 6.48 percent in August 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.