Florida Existing Home Sales Improve in March Compared to February 2008

(530 E. Central Condos above, at 530 E. Central St., downtown Orlando)

ORLANDO, FL/PRNewswire/ -- Florida Realtors(R) statewide reported slight gains in existing home and condominium sales from February to March 2008, according to the latest housing statistics released by the Florida Association of Realtors(R) (FAR).

(Top left photo shows 55 West Condos at 55 W. Church St., downtown Orlando)

(For a detailed copy of FAR's news release, please contact Jeff Zipper at 1 407 438 1400 or email support@floridarealtors.org)

A total of 9,142 existing single-family homes changed hands in March, a 10 percent increase over the previous month when 8,310 homes sold. Existing condo sales statewide rose 13.7 percent, with 3,145 units sold in March compared with 2,765 condos in February.

The median price for both housing types increased slightly as well during the one-month period. The median price of an existing single-family home reached $205,600 in March, compared with $198,900 the previous month. The median price of an existing condo rose to $176,600 in March from $175,600 in February.

In the latest National Association of Realtors(R) (NAR) housing outlook, Chief Economist Lawrence Yun (photo at left) says, "Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure. We're looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets."

In the year-to-year comparison, a total of 9,142 existing homes sold statewide last month while 12,356 homes sold in March 2007 for a decrease of 26 percent, according to FAR. Florida's median sales price for existing homes last month was $205,600; a year ago, it was $242,800 for a 15 percent decrease.

But, looking back to March 2003, the statewide median sales price for single-family homes has increased about 35.5 percent, according to FAR records - at that time, the statewide existing-home median price was $151,700. The median is the midpoint; half the homes sold for more, half for less.

(Photo at right shows The Vue at Eola condos, 150 E. Robinson St., downtown Orlando)

In a year-to-year comparison for condos, 3,145 units sold statewide compared to 4,153 in March 2007 for a 24 percent decline. The statewide existing-condo median sales price last month was $176,600; in March 2007 it was $221,200 for a 20 percent decrease.

NAR reported the national median existing condo price was $211,700 in February 2008. Dave Derrenbacker, (photo at right) president of the Realtor Association of Martin County and a broker with Water Pointe Realty Group, agrees that buyers are recognizing the long-term value of homeownership.

"There are some encouraging signs," he says. "It looks like home prices are starting to stabilize and buyer activity is picking up. In many cases, Realtors are able to show that homes in our area are back to a valuation of pre-real estate boom figures. I tell people, 'If you missed your chance the first time around, then now is a great time to buy.'

CONTACT:

Marla Martin,

Communications Manager, ext. 2326, or

Jeff Zipper,

Vice President of Communications, ext. 2314

of Florida Association of Realtors(R),

+1-407-438-1400