Existing-home sales in Florida plummeted 34 percent in September from their year-ago level, falling for the 10th straight month, as several markets reported higher inventory levels, the Florida Association of Realtors reported.
A total of 13,485 existing single-family homes sold statewide last month, down from the 20,451 homes sold during the previous September, according to FAR. Statewide, the existing-home median price slipped 1 percent to $243,900, down from $246,100 a year earlier.
Sales of existing condos decreased 45 percent in September, with a total of 3,819 sold statewide compared with 6,930 in September 2005. The statewide median sales price for condos last month was $201,900, down 6 percent from $215,500 a year ago.
Among the state’s larger markets, the Miami metropolitan statistical area (MSA) reported 769 existing homes sold last month compared to 872 homes sold a year ago, for a 12 percent decline. The market’s median existing home price remained flat at $371,700, compared with $371,200 last year.
A total of 666 existing condos changed hands in Miami in September, down 40 percent from the 1,106 sold the previous September. The market’s median existing condo price was $270,800, up slightly year-over-year from $269,200.
“Prices are slowly trending down,” said Pat Dahne, chairman of the Realtor Association of Greater Miami and the Beaches and broker-owner of Pat Dahne Realty Group. “As real estate professionals, we need to remind people that real estate is a long-term investment. Miami has many positive economic factors that continue to attract buyers — for example, job growth from international business, continued interest from foreign investors and continued growth in our immigrant population.”
Of the state’s smaller markets, the Pensacola MSA reported a total of 466 existing homes sold in September compared with 564 homes sold a year earlier — a 17 percent decline. The area’s median existing-home sales price rose 3 percent year-over-year to $167,900. Thirty-seven existing condos sold in the MSA last month for a 35 percent decrease from the 57 condos sold a year ago. The market’s median existing condo price gained 15 percent, rising from $185,000 to $212,500.