Florida's Existing Home Sales Slower in October 2007

Disruptions in the mortgage market and tightening credit continued to impact Florida’s housing sector in October. Statewide, sales of existing single-family homes totaled 9,165 last month while 12,846 homes sold in October 2006 for a decrease of 29 percent in the year-to-year comparison, according to the Florida Association of Realtors® (FAR).

While the latest market outlook from the National Association of Realtors’® (NAR) expects conditions for the mortgage industry to improve in the coming months, it predicts that the impact of the credit crunch will continue to be felt through the end of this year, leaving home sales fairly flat. Keeping the current housing market in perspective, 2007 will be the fifth highest year on record for existing-home sales, according to NAR Senior Economist Lawrence Yun. “It appears raw inventories are stabilizing, but the housing supply is a bit inflated now because the sales pace does not reflect underlying market conditions – sales were dampened by the mortgage cancellations,” he says.

Florida’s median sales price for existing single-family homes last month was $222,100; a year ago, it was $242,700 for an 8 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In October 2002, the statewide median sales price for single-family homes was $140,900, for an increase of 57.6 percent over the five-year-period, according to FAR records.Tampa Real Estate, Tampa Homes for Sale, Tampa Homes