Florida home sales fall, condo sales rise in July

Florida’s real estate market has been on a roller-coaster ride, with statewide sales of existing single-family homes falling 14 percent in July, to 13,589 from 15,762 a year ago.

A month ago, Florida Realtors reported statewide existing home sales in June had risen 15 percent, year-over-year, marking the 22nd consecutive month that sales activity had increased.

"The homebuyer tax credit expiration added a double dip to what has already been a harrowing ride in the Florida housing market," said Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness, in a news release. "As we move past this second dip, which is evident in the July data, the continued recovery of the state's housing market will be contingent upon the improvement of the fundamental underpinnings of the housing sector.”

Existing home sales also fell in all three South Florida metropolitan areas, with Fort Lauderdale taking the biggest hit – down 21 percent, to just 720 homes sold, from 907 in July 2009.

The median price there fell 5 percent, to $207,500 from $219,000.

Existing home sales in Miami slid 8 percent, to 593 homes sold in July from 643 a year ago. The median price, however, edged up 3 percent, to $199,300 from $192,700.

And, in West Palm Beach, existing home sales fell 7 percent, to 802 from 859, with the median price slipping 8 percent, to $226,000 from $245,200.

Existing condo sales fared better, rising 11 percent statewide, to 5,557 from 4,991. However, the median price plunged 20 percent, to $87,200 from $108,500.

Miami saw existing condo sales jump 43 percent, to 837 from 585. But the median price slid 20 percent, to $110,500 from $137,600.

West Palm Beach condo sales bumped up 16 percent, year-over-year, to 791 from 679. But the median price of an existing condo fell 15 percent, to $93,400 from $110,500.

Fort Lauderdale was the only South Florida metro area to see condo sales fall. It was down 12 percent, to 813 from 927. The median sales price of a condo there fell 8 percent, to $74,000 from $80,800.

Nationwide, existing home sales plunged 25.5 percent, year-over-year, in July, to a seasonally adjusted annual rate of 3.83 million units from 5.14 million in July 2009, and 27.2 percent from a downwardly revised 5.26 million in June, according to the National Association of Realtors.

“Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year,” said Lawrence Yun, NAR’s chief economist, in a news release. “To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years.”

Sales are at the lowest level since the total existing-home sales series launched in 1999, and single-family home sales – accounting for the bulk of transactions – are at the lowest level since May 1995.

The national existing-home median price for all housing types was $182,600 in July, up 0.7 percent from a year ago. Distressed home sales, accounting for 32 percent of transactions in July, up slightly from 31 percent in July 2009 and unchanged from June, according to NAR



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