Existing-home sales in Florida fell 29 percent in June from the year-ago level, as overall home-price growth slowed to a more normal level, according to an industry report released today.
A total of 18,089 existing single-family homes sold statewide last month, down from 25,552 homes sold during the previous June, the Florida Association of Realtors reported.
Statewide, the existing-home median price rose 3 percent to $257,800 last month, up from $249,800 a year ago. The median is a typical market price where half the homes sold for more and half sold for less.
Sales of existing condos decreased by 35 percent in June, with a total of 5,241 condos sold statewide, down from 8,109 in June 2005, according to FAR. The statewide median sales price for condos slipped last month to $212,500 from $215,700 a year ago.
Among the state’s larger markets, the Orlando metropolitan statistical area (MSA) reported 2,800 existing homes sold last month, down 21 percent compared with 3,553 homes sold in June 2005. The market’s median existing-home price rose 10 percent to $266,300; a year ago, it was $242,300. A total of 502 existing condos changed hands in Orlando in June for a 12 percent increase over the 450 condos sold the previous year. The market’s median existing condo price fell 4 percent to $161,600; a year ago, it was $167,900.
“The market is becoming more balanced, with greater negotiating give-and- take between buyers and sellers,” said Beverly Pindling, president of the Orlando Regional Realtor Association and broker-partner of Orlando Real Estate Professionals. “While the inventory of homes for sale is up, the market is reaching a point of equilibrium. The challenge for many buyers is the higher mortgage rates, coupled with rising costs for gasoline, for energy, and for property insurance — it’s squeezing their ability to make monthly payments.”
Of the state’s smaller markets, the Gainesville MSA reported a total of 402 homes sold in June, down 11 percent from 450 homes sold a year earlier. The area’s median existing-home sales price rose 18 percent to $226,400; a year ago, it was $192,000. A total of 169 existing condos sold in Gainesville last month, up 25 percent from 135 condos sold in June 2005. The market’s median existing condo price rose 12 percent to $152,100; a year ago, it was $136,400.