Posted by: realtormarkpalace | January 4, 2011

Fla. existing condo sales rise in Nov.

Fla. existing condo sales rise in Nov.
NAR: Existing-home sales resume uptrend with stable prices.

ORLANDO, Fla. – Jan. 3, 2011 – Sales of existing condominiums in Florida rose 11 percent in November, with a total of 5,411 condos sold statewide compared to 4,860 units sold in November 2009, according to the latest housing data released by Florida Realtors®.

The statewide existing condo median sales price was $88,200; in November 2009, it was $104,500 for a 16 percent decrease year to year. However, November’s statewide existing condo median price was, month-to-month, 7 percent higher than the statewide existing condo median of $82,400 in October.

Meanwhile, in the year-to-year comparison for existing home sales, a total of 11,900 single-family existing homes sold statewide in November compared to 13,961 homes sold in November 2009 for a decrease of 15 percent.

Florida’s median existing-home sales price in November was $132,700; a year earlier, it was $139,300 for a decrease of 5 percent. The median is the midpoint; half the homes sold for more, half for less.

In a separate report, the U.S. Commerce Dept. announced that sales of newly built, single-family homes increased 5.5 percent to a seasonally adjusted annual rate of 290,000 units in November. The gain represents a partial bounce-back from a near-record low, downwardly revised number of new-home sales in October.

The November improvement in new-home sales was driven by gains in two regions. The South, which is the nation’s largest housing market, posted a 5.8 percent gain, while the West showed a 37.3 percent rebound from the previous month. Meanwhile, declines of 26.7 percent and 13.2 percent were registered in the Northeast and Midwest, respectively.

The inventory of new homes for sale fell to 197,000 units in November, marking the first time in 42 years that this measure has fallen below the 200,000 level. This amounts to an 8.2-month supply at the current sales pace.

© 2011 Florida Realtors®

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