Florida existing home and condo sales were up in September 24%, the highest year over year increase in almost three years.
A total of 10,817 existing homes sold in the state of Florida in September, that is 2,092 more than sold during September 2007. The last time the state of Florida reported a higher year over year gain was in 2005.
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). 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.” – Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness.
Although the sales are up 24% this year, that increase can largely be attributed to the sharp decline that the housing market suffered at the end of the summer 2007 with the subprime mortgage meltdown. In July of this year, only six more existing homes sold in the state of Florida than did in July 2007.
Florida’s median home price in September was $175,100, down 22% from the same period a year ago, at $224,700. However, September’s median home price is still 10.3% higher than 2003’s number of $158,800.
During the September time period, year over year, existing condo sales experienced an 11% increase, from 2,595 to 2,878. The statewide median condo sales price was $153,800, down from $197,000 in September 2007 or a 22% decrease.
Panama City/Bay County reported 111 total existing home sales for September 2008, down from 117 (5%) homes sold during the same period 2007. Existing condo sales were down 28% September 2008 from 2007, from 67 to 48. The average sold price for Bay Couty was $213,770 in September 2008, down 19% from $264,122 during the same period 2007.
If you take out the top 10 highest priced from both time periods (September 07 and September 08), the average sold price was $193,848 in 2008, down 6.7% from 2007’s number of $207,942.
So, housing prices are still falling, but velocity sales are picking up. I suspect they will continue to pick up, and hopefully that rate will be exponential. As prices continue to fall, more and more people will be able to justify making a purchase.Source: Florida’s existing home, condo sales increase in September 2008