Saturday, November 17, 2007

Florida’s September 2007 Existing Condo Sales Report

We now have stats on the sales of existing condominiums in Florida for the month of September. It has decreased in the month of September, with a total of 2,557 condos sold statewide compared to 4,032 in September 2006 for a 37 percent decline, according to FAR. The statewide median sales price for condos last month was $194,200, down 4 percent from September 2006’s condo median price of $202,800. NAR reported the national median existing condo price was $228,500 in August 2007.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.38 percent, according to Freddie Mac, which was lower than the average rate of 6.40 percent in September 2006. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Mirroring the national trend, turmoil in the mortgage market impacted Florida’s housing sector in September, despite continued low unemployment rates and other positive economic activity. Statewide, sales of existing single-family homes totaled 8,688 last month while 14,044 homes sold in September 2006 for a decrease of 38 percent in the year-to-year comparison, according to the Florida Association of Realtors® (FAR).

Housing industry analysts previously predicted that mortgage disruptions would affect home sales in September. The National Association of Realtors’® (NAR) latest market outlook expects conditions for the mortgage industry to improve in the coming months and that widening credit availability will help homebuyers. Keeping the current housing market in perspective, 2007 will be the fifth highest year on record for existing-home sales, says NAR Senior Economist Lawrence Yun. “Although sales are off from an unsustainable peak in 2005, there is a historically high level of home sales taking place this year,” he says. “One out of 16 American households is buying a home this year.”


Source : http://www.condoleaf.com/

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