Florida Real Estate Market Insight
- July 20, 2011 – Florida’s existing condo sales rose 8 percent in June with a total of 7,941 units sold statewide compared to 7,330 sold in June 2010, according to the latest housing data released by Florida Realtors®.
- The statewide existing condo median sales price last month was $93,900; a year earlier, it was $92,300 for a 2 percent increase.
- Existing home sales for June was a total of 17,597 homes sold.
- The statewide median sales price for existing homes last month was $138,000.(Metro area slightly higher)
- June’s statewide existing home median price was about 1.8 percent higher than it was in May.
National Real Estate Market Insight
- The national median sales price for existing single-family homes in May 2011 was $166,700, down 4.5 percent from a year ago, according to NAR.
- National Total existing home sales – which are completed transactions that include single-family, townhomes, condominiums and co-ops – declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May.
- Total housing inventory at the end of June rose 3.3 percent to 3.77 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace.
- Single-family home sales were unchanged from the previous month
- Distressed homes – foreclosures and short sales generally sold at deep discounts – accounted for 30 percent of sales in June, compared with 31 percent in May and 32 percent in June 2010.
NAR President Ron said home sales should be higher. “With record high housing affordability conditions thus far in 2011, we’d normally expect to see stronger home sales,” he said. “Even with job creation below expectations, excessively tight loan standards are keeping many buyers from completing deals. Although proposals being considered in Washington could effectively put more restrictions on lending, some banking executives have hinted that credit may return to more normal, safe standards in the not-too-distant future, but the tardiness of this process is holding back the recovery.”
“Promising signs continue for a slowly strengthening economy and housing market,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Mortgage interest rates remain historically low and affordability conditions are strong.”
Source: NAR June existing home sales slip, but prices stabilize and Florida Realtors
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