We Have Reached The Bottom -- Home Sales Increased In September!
Here is the latest news from the Florida Association of Realtors (FAR):
For the first time in almost three years, Florida’s existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison; last month’s sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR).
A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR. The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.
“The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months),” says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. “This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory.”
Nationally, sales of new homes also recorded an unexpected increase in September as median home prices dropped to the lowest level in four years.
The Commerce Department reported Monday that sales of new single-family homes rose by 2.7 percent last month to a seasonally adjusted annual rate of 464,000 homes. Economists had expected sales would drop from the August level.
Florida’s median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 – an increase of 10.3 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.
The latest housing outlook from NAR points out the importance of available credit to the mortgage market. “Home sales will be constrained without a freer flow of credit into the mortgage market,” says NAR Chief Economist Lawrence Yun. “The faster that happens, the sooner we’ll see a broad stabilization in home prices that in turn will help the economy recover.”
In Florida’s year-to-year comparison for condos, 2,878 units sold statewide compared to 2,595 sold in September 2007 for an 11 percent increase. The statewide existing condo median sales price last month was $153,800; in September 2007 it was $197,000 for a 22 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $212,600 in August 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from the average rate of 6.38 percent in September 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
For the full report visit http://www.floridarealtors.org
To find yourself a bargain in Northeast Florida, visit http://www.NorthFloridaHomeSearch.com