Florida’s resale real estate market cooled further in October, as single-family home sales tumbled for the 11th straight month and prices in many major markets declined, the Florida Association of Realtors reported.

A total of 12,773 existing single-family homes sold statewide last month, down 22 percent from the 16,407 homes sold a year ago. The overall existing-home median price last month of $242,500 was down 0.4 percent from $243,400 a year ago.

For resale condos, sales statewide registered 3,440 in October, down 31 percent from the 5,001 sales in October 2005. The statewide median sales price for condos fell to $209,200 last month, off 2 percent from $213,600 a year earlier.

Among the state’s larger markets, the Fort Lauderdale metropolitan statistical area (MSA) reported 591 existing homes sold last month, up 5 percent from 561 homes sold a year ago. The market’s median existing-home price decreased 5 percent during the period, falling from $368,900 to $349,400.

A total of 580 existing condos changed hands in Fort Lauderdale in October for a 21 percent decrease over the 737 condos sold the previous year. The market’s median existing condo price gained 8 percent during the period — from $194,500 to $210,100.

Of the state’s smaller markets, the Fort Pierce-Port St. Lucie MSA reported a total of 367 existing homes sold in October compared to 334 homes sold a year earlier — a 10 percent increase. The area’s median existing-home sales price dropped 8 percent to $242,400 last month, compared with $263,500 a year ago.

Fifty-three existing condos sold in the MSA last month for a 31 percent decrease from the 77 condos sold a year ago. The market’s median existing condo price was $225,000, up 10 percent from $205,400 in October of last year.

Show Comments Hide Comments

Comments

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