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.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top