My Real Estate Blog

Existing home sales rose 27 percent last month with a total of 16,781 homes sold statewide compared to 13,244 homes sold in April 2009, according to Florida Realtors. Statewide existing home sales last month increased nearly 3 percent over statewide sales activity in March. Meanwhile, April's statewide existing-home median price was 2.3 percent higher than March's statewide existing-home median price of $137,000. It marks the second month in a row that the statewide existing-home median price has increased over the previous month's median.

"Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida," said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "And buying conditions remain favorable, with a variety of housing options available in local markets at attractive and affordable prices. Plus, current mortgage interest rates are at historically low levels, which gives buyers more 'bang' for their buck."

Florida Realtors also reported a 55 percent increase in statewide sales of existing condos in April compared to the previous year's sales figure; statewide existing condo sales last month rose 2 percent over the total units sold in March. Though April's statewide existing-condo median price of $103,600 was down 3 percent compared to the year-ago figure, it was 6.9 percent higher than March's statewide existing-condo median price.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in April while all but one MSA had higher condo sales. A majority of the state's MSAs have reported increased sales for 22 consecutive months.

Florida's median sales price for existing homes last month was $140,100; a year ago, it was $138,100 for a 1 percent gain. The median is the midpoint; half the homes sold for more, half for less.

Thenational median sales price for existing single-family homes in March 2010 was $170,700, up 0.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $301,790in March; in Massachusetts, it was $280,000; in Maryland, it was $235,785; and in New York, it was $209,900.

According to NAR's latest outlook, two trends are influencing a broader stabilization of home prices in housing markets across the nation: months of increased sales activity and lower levels of inventory. "Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably," said NAR Chief Economist Lawrence Yun. "With home values stabilizing, a revival in homebuying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears."

In Florida's year-to-year comparison for condos, 7,291 units sold statewide last month compared to 4,703 units in April 2009 for an increase of 55 percent. The statewide existing condo median sales price last month was $103,600; in April 2009 it was $107,200 for a 3 percent decrease. The national median existing condo price was $170,600 in March, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.10 percent in April, up from the average rate of 4.81 percent during the same month a year earlier, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's smaller markets, the Panama City MSA reported a total of 128 homes sold in April compared to 108 homes a year earlier for a 19 percent increase. The market's existing home median sales price last month was $160,000; a year earlier it was $156,800 for an increase of 2 percent. A total of 65 condos sold in the MSA in April compared to 53 units sold the same month a year earlier for an increase of 23 percent. The existing condo median price last month was $187,100; a year earlier, it was $172,900 for an 8 percent gain.

© 2010 Florida Realtors®

Home-buyer tax credit still available

Congress has legislated an extension and enhancement of the Home-Buyer Tax Credit program. It now includes home purchases whose sale documents are signed on or before April 30, 2010, and which close by June 30, 2010

As before, first-time homebuyers (those who have not owned their personal residence at any time during the three years preceding the current home purchase) may receive a tax credit of either 10% of the home’s purchase price or $8,000, whichever is less. Single taxpayers can now earn up to $125,000, at which level the tax credit begins to phase out. (It was $75,000 in the earlier version.) Married couples can now earn up to $225,000 (up from $150,000). And there is a new upper limit of $800,000 for the home’s purchase price.

Perhaps the most striking change in the new legislation is the availability of a tax credit (either 10% of the purchase price or $6,500, whichever is less) for “move-up” homebuyers, defined as those who have owned their principal residence for a consecutive five of the eight years before purchasing a new one now.

Given the number of home sales the earlier program appears to have motivated, this new legislation may motivate many of your homebuyers and prove a boon to the real estate recovery. Please feel free to call me for further information at  (727) 781-9072

BAY NEWS 9 -- Florida's existing home and condo sales rose in November, the 15th straight month that sales have increased on a year-to-year basis.

According to Florida Realtors, existing home sales rose 61 percent, with 14,026 homes sold statewide. That compares with the 8,694 homes that sold in November 2008.

In the Bay area, home sales increased by 37 percent over the past year, while condo sales increased by 80 percent.

Florida's median sales price for existing homes was $139,000. A year ago it was $158,200, for a 12 percent decrease.

The national median sales price for existing single-family homes in October 2009 was $173,100.

For condos, 4,889 units sold statewide compared to 2,320 units in November 2008, for an increase of 111 percent. The statewide existing condo median sales price was $104,400. In November 2008 it was $131,400, for a 21 percent decrease.