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Florida’s existing housing market shows improving conditions in June 2008
ORLANDO, Fla. — July 24, 2008 – Many Florida Realtors® statewide noted positive movement in their local housing markets in June, with an upswing in the statewide median price reported for both existing home sales and condominium sales over May 2008, according to the latest housing statistics released by the Florida Association of Realtors® (FAR).
The statewide existing-home median price in June was $205,500, up 1 percent from May’s median price of $203,300. The median price of an existing condo last month was $183,700, also up 1 percent from May’s figure of $181,800.
Nationally, existing home sales are expected to show some modest gains in the coming months, with a recovery predicted during the latter part of the year, according to the latest housing outlook from the National Association of Realtors® (NAR). “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half,” said NAR Chief Economist Lawrence Yun. “Price conditions vary tremendously, even within a locality.”
In the year-to-year comparison, a total of 11,700 existing homes sold statewide last month while 12,276 homes sold in June 2007 for a decrease of 5 percent, according to FAR. Florida’s median sales price for existing homes last month was $205,500; a year ago, it was $244,400 for a 16 percent decrease. But, looking back to June 2003, the statewide median sales price for single-family homes has increased 26.9 percent over the five-year-period, according to FAR records – at that time, the statewide existing-home median price was $161,900. The median is the midpoint; half the homes sold for more, half for less.
In a year-to-year comparison for condos, 3,628 units sold statewide compared to 3,851 in June 2007 for a 6 percent decline. The statewide existing-condo median sales price last month was $183,700; in June 2007 it was $212,400 for a 14 percent decrease. NAR reported the national median existing condo price was $223,400 in May 2008.
The national median sales price for existing single-family homes in May 2008 was $206,700, down 6.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $384,840 in May; in Massachusetts, it was $322,500; in Maryland, it was $294,244; and in New York, it was $210,000.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.32 percent, down from the average rate of 6.66 percent in June 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Several of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in June; a few MSAs also showed gains in condo sales. Realtors around the state reported heightened buyer interest in their markets, with a responding increase in telephone calls, home showings and other business activity.
Among the state’s larger markets, the Orlando MSA reported a total of 1,641 homes sold in June compared to 1,595 homes a year ago for a 3 percent increase. The existing home median sales price was $219,500; a year ago, it was $258,100 for a 15 percent decrease. A total of 172 existing condos sold in the MSA last month compared to 188 condos the previous June for a decrease of 9 percent. The market’s existing condo median price was $132,900; a year ago, it was $156,900 for a 15 percent decrease.
- Amendment 5 is a long overdue tax cut for all property owners: families, businesses, second homeowners and investors. Property tax levies have doubled over the past six years – from $15 billion in 2000 to $30 billion in 2006. With higher fuel prices and food costs, and stagnant incomes, it’s no wonder Florida families are struggling to make ends meet. If you’re living the American Dream in Florida, you stand to save 25% to 40% on your property taxes in 2010.
- Amendment 5 will jumpstart Florida’s economy. Economists estimate that Amendment 5 will save property owners more than $10 billion in taxes. This will increase the liquidity and net spendable income of millions of property owners.
- Amendment 5 will shift the burden of funding education from property owners to all who access the public school system. Currently, property owners pay a disproportionate share, compared to renters, for our schools. And property owners whose children attend private school pay tuition and public school taxes. By funding schools through sales taxes and other measures, Amendment 5 creates a more equitable tax system.
- Amendment 5 offers much-needed tax relief for millions of property owners and continues the momentum created by Amendment 1 – approved by voters in January 2008 – toward reforming Florida’s archaic property tax system. Amendment 5 also pressures legislators to get serious about tapping stable and lucrative revenue sources for schools such as Internet sales (a $3 billion cash cow and an increase in state sales tax — much of it paid by non residents!).
- Amendment 5 will provide much-needed tax relief to Florida’s seniors, many of whom fear losing their homes because of an inability to pay higher property taxes on a fixed income. On November 4, you have an unprecedented opportunity to vote YES for the biggest property tax cut in Florida history.Vote YES on Amendment 5.