Tuesday, December 23, 2008, 2:26pm EST
Florida existing homes sales continue rise
South Florida Business Journal
In contrast to the national trend, Florida's existing home sales rose in November – the third month in a row. Statewide sales rose by 4 percent over last year, according to the latest housing data released by the Florida Association of Realtors.
Nationwide, existing-home sales fell 8.6 percent to a seasonally adjusted annual rate of 4.49 million units in November from 4.91 million in October and 5.02 million in November 2007.
The Florida association said in its monthly report that 8,571 existing homes sold statewide last month, compared with 8,269 homes sold in November 2007.
Buyers continue to go after the bargains, with the median sales price for existing single-family homes in Florida down 27 percent, to $158,300 from $217,000 a year ago.
Fort Lauderdale reported 507 existing homes sold in November, a 26 percent increase from 401 home sales during the same period last year. The median sales price fell to $229,100 from $348,100, a 34 percent drop.
Miami reported 366 existing home sales in November, up 39 percent from the prior year’s 263 sales. The median sales price fell 37 percent, to $224,700 from $359,300 last November.
West Palm Beach-Boca Raton reported 450 homes sold in November, down two percent from the 459 homes sold a year ago. The median sales price was down 28 percent, to $247,400 from $345,700.
In a statewide year-over-year comparison for condos, 2,278 units sold in Florida, down 8 percent from 2,474 sold in November 2007. The statewide existing condo median sales price dropped 30 percent, to $130,600 from $185,600 last year.
Condo sales in Miami rose 4 percent, to 308 units from 297 last November. Median prices dropped 35 percent, to $172,600 from $264,700.
In Fort Lauderdale, condo sales leveled off since October. November’s sales grew by 3 percent, to 442 from 430 in 2007. Prices plunged 34 percent, to $109,400 from $166,700.
West Palm Beach-Boca Raton reported condo sales for November also rose just 3 percent, to 358 units from 347 a year ago. Prices dipped 30 percent, to $123,900 from $177,400.
For November 2008, the biggest change in value and volume occurred in the Fort Myers area, where sales were up 64 percent over last year, but values have dropped 53 percent, according to FAR.
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