In the latest National Association of Realtors (NAR) housing outlook, Chief Economist Lawrence Yun says, “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure. We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets.
In the year-to-year comparison, a total of 9,142 existing homes sold statewide last month while 12,356 homes sold in March 2007 for a decrease of 26 percent, according to FAR. Florida’s median sales price for existing homes last month was $205,600; a year ago, it was $242,800 for a 15 percent decrease. But, looking back to March 2003, the statewide median sales price for single-family homes has increased about 35.5 percent, according to FAR records – at that time, the statewide existing-home median price was $151,700.
The median is the midpoint; half the homes sold for more, half for less. In a year-to-year comparison for condos, 3,145 units sold statewide compared to 4,153 in March 2007 for a 24 percent decline. The statewide existing-condo median sales price last month was $176,600; in March 2007 it was $221,200 for a 20 percent decrease. NAR reported the national median existing condo price was $211,700 in February 2008.
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Rae Catanese and Michelle Jordan
Prudential Tropical Realty