With the entire nation’s eyes on the real estate market, the analysts and the media these days are keeping a very close eye on how the mortgage and sales market is faring in every region of the country.
For the sixth consecutive month in February, home sales in Florida showed an upward trend, compared to the same period a year ago, according to the data released by the Florida Association of Realtors® (FAR). And what’s more is that the February figures outranked those of January even, in both home and condo sales.
It has been noted that 9,858 homes were sold statewide last month, compared to 8,181 in February 2008 – an increase of 20 percent. Even on a monthly comparison, February’s statewide sales soared by 16.7 percent, compared to January 2009.
As far as condos are concerned, according to Florida Realtors, a 15 percent gain has been recorded in condo sales. This reflects the continuing trend of higher sales of both existing homes and existing condos, compared to the figures of the same time period in 2008. A jump of 25.1 percent was recorded for statewide condo sales over the number of condos sold in January alone.
For the eighth month in a row now, a number of markets have reported increased activity in existing home and existing condo sales. Thirteen of Florida’s Metropolitan Statistical areas reported a rise in existing-home sales while eleven also showed an increase in condo sales.
What’s interesting to note is that despite the hike in the number of sales, the median sale price in Florida has come down from $199,300 in February 2008 to $141,900 last month – an astounding decrease of 29 percent. The National Association of Realtors® (NAR) has attributed this staggering downfall to countless foreclosures and discounted sales.
Compared nationwide, the median sale price for single family homes in January of this year was $169, 900. That is 13.8 percent less than last year, according to NAR. In CA, the statewide median re-sale price was $254,350; In MD, $244,820; in MA, $321,000 and in NY it was $205,000.
According to NAR’s latest stance on housing, variations in the local markets are noteworthy. It also observes that the impact of the government’s economic stimulus will not show overnight, and may take some time to appear in the housing data. “Some markets appear to have reached the tipping point of accelerating home buying,” says NAR Chief Economist, Lawrence Yun. “Improvement from the economic stimulus isn’t likely to show as closed home sales before summer, although we may see an earlier lift from lower mortgage interest rates.”
The expected impact of the federal economic stimulus and lower mortgage interest rates is 900,000 more home sales this year, compared to the situation that was before the stimulus package; according to the analysts at NAR. They also expect the inventory to fall below the eight-month supply by the end of the year, which would be in-line with the home price stabilization.
Coming back to Florida, as I mentioned earlier, February 2009 saw a 15 percent increase in condo sales compared to February last year – from 2,785 units last year to 3,198 units in February this year. Though, like observed with the median home sale price, the downward trend in the prices is seen with condos as well. While the median condo sale price in February last year was hovering around $173,900, it has come down by 37 percent to $109,300 last month. According to NAR, the median existing condo price nationwide in January 2009 was $174,400.
Continuing low mortgage rates remain a favorable influence on the housing sector though. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.92 percent in February 2008; down to 5.13 percent last month.
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