Florida's Existing Home, Condo Sales Up in July

ORLANDO, FL/PRNewswire/ -- Florida's existing home sales rose in July - the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).

Statewide existing home sales in July also rose over the previous month's sales level.Existing home sales rose 37 percent last month with a total of 15,882 homes sold statewide compared to 11,595 homes sold in July 2008, according to FAR.

Statewide existing home sales in July increased 0.2 percent over June's statewide activity.

Florida Realtors also reported a 48 percent rise in statewide sales of existing condos in July.Eighteen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in July; the same number of MSAs also showed gains in condo sales.


A majority of the state's MSAs have reported increased sales for more than a year (13 consecutive months).

To gain insight into current trends in Florida's real estate industry, the University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts.


According to the recent second quarter 2009 survey, investor confidence in the outlook for business and availability of money are reasons for cautious optimism.

"I think we're on the road to recovery and even though most markets report they've seen the bottom, it's going to be a long climb," said Timothy Becker (top left photo) , the center's director.


He noted that the investment outlook for single-family development increased to its highest level since the survey began, with more respondents than ever believing it is a good time to buy.



Florida's median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease.



According to housing industry analysts with the National Association of Realtors (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

The median is the midpoint; half the homes sold for more, half for less.


The national median sales price for existing single-family homes in June 2009 was $181,600, down 15 percent from a year earlier, according to NAR.





(The 41-story, $355M, 200-unit Trump Hollywood condominium, Hollywood, FL, bottom left photo)





In Massachusetts, the statewide median resales price was $306,000 in June; in California, it was $274,740; in Maryland, it was $274,008; and in New York, it was $189,900.Several positive market factors are influencing the housing sector, notes NAR's latest industry outlook.



"Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who've been on the sidelines," said NAR Chief Economist Lawrence Yun. (middle right photo)

"Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions."In Florida's year-to-year comparison for condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase.


The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease.

The national median existing condo price was $183,300 in June 2009, according to NAR.Interest rates for a 30-year fixed-rate mortgage averaged 5.22 percent last month, down significantly from the average rate of 6.43 percent in July 2008, according to Freddie Mac.



FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.Among the state's smaller markets, the Pensacola MSA reported a total of 371 homes sold in July compared to 321 homes a year earlier for a 16 percent increase.



The market's existing home median sales price last month remained level compared to a year ago at $157,800. A total of 48 condos sold in the MSA in July, up 23 percent over the 39 units sold in July 2008. The existing condo median price in July was $250,000; a year earlier, it was $325,000 for a 23 percent decrease.


For a complete copy of the FAR release and full statistics, please contact Marla Martin, Communications Manager, or Jeff Zipper, VicePresident of Communications, both of Florida Association of Realtors,+1-407-438-1400, ext. 2326 or 2314


Web Site: http://www.media.floridarealtors.org/

Florida's Existing Home, Condo Sales Rise in 2Q 2009

ORLANDO, FL /PRNewswire/ -- Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors (FAR).

A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold.

It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.

Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year.

This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.Statewide sales activity in 2Q 2009 also increased over 1Q 2009's sales figure in both the existing home and existing condo markets, FAR records show.

For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.

"In spite of the challenges with the economy, most people - 83 percent - still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors (NAR)," says 2009 FAR President Cynthia Shelton, (top right photo) CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando.

(CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). "Many homebuyers are realizing that this is the time to buy - with a good selection of housing inventory, affordable pricing and low mortgage rates.

For a complete copy of FAR's release, please contact:

Marla Martin, Communications Manager, +1-407-438-1400, ext.2326, or

Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext.2314

Web Site: http://www.media.floridarealtors.org/

Florida's Existing Home, Condo Sales Rise in February

ORLANDO, FL /PRNewswire/ -- Florida's existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors(R) (FAR).

February's statewide sales also increased over January's figures in both the existing home and existing condo markets.

Existing home sales rose 20 percent last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008, according to FAR.

February's statewide existing home sales were 16.7 percent higher than January's statewide sales.

Florida Realtors also reported a 15 percent gain in statewide sales of existing condominiums in February, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels.

Statewide existing condo sales last month increased 25.1 percent over the total units sold in January.

Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in February while 11 MSAs also showed gains in condo sales.

It marks the eighth month in a row that a number of markets have reported increased sales.

Florida's median sales price for existing homes last month was $141,900; a year ago, it was $199,300 for a 29 percent decrease.

Industry analysts with the National Association of Realtors(R) (NAR) report a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures.

The median is the midpoint; half the homes sold for more, half for less.The national median sales price for existing single-family homes in January 2009 was $169,900, down 13.8 percent from a year earlier, according to NAR.

In California, the statewide median resales price was $254,350 in January; in Massachusetts, it was $321,000; in Maryland, it was $244,820; and in New York, it was $205,000.

Significant variations in local markets continue, according to NAR's latest housing outlook, which also notes that it will take time for the impact of the economic stimulus to show in housing data.

"Some markets appear to have reached the tipping point of accelerating home buying," said NAR Chief Economist Lawrence Yun.(bottom right photo) "Improvement from the economic stimulus isn't likely to show as closed home sales before summer, although we may see an earlier lift from lower mortgage interest rates."

NAR analysts estimate the impact of the federal economic stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package.

By the end of the year, NAR expects inventory to fall below an eight-month supply, which would be consistent with home price stabilization.In Florida's year-to-year comparison for condos, 3,198 units sold statewide compared to 2,785 sold in February 2008 for a 15 percent increase.

The statewide existing condo median sales price last month was $109,300; in February 2008 it was $173,900 for a 37 percent decrease.

In the latest data available at press time, NAR reported the national median existing condo price was $174,400 in January 2009.

Interest rates for a 30-year fixed-rate mortgage averaged 5.13 percent last month, down significantly from the average rate of 5.92 percent in February 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's medium-size markets, the Fort Pierce-Port St. Lucie MSA reported a total of 372 homes sold in February compared to 263 homes a year ago for a 41 percent increase.

The existing home median sales price was $122,100; a year ago, it was $172,900 for a 29 percent decrease. In the year-to-year comparison for the existing condo market, a total of 71 units sold in the MSA last month, up 22 percent compared to 58 condos sold the previous February. The market's existing condo median price was $116,700; a year ago, it was $126,700 for an 8 percent decrease.

CONTACT:

Marla Martin, Communications Manager, +1-407-438-1400, ext.2326, or

Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext.2314, both of Florida Association of Realtors

Web Site: http://www.media.floridarealtors.org/

Florida's Existing Home, Condo Sales Rise in October 2008

ORLANDO, FL, PRNewswire/ -- For the second month in a row, Florida's existing home sales rose in October, with Florida Realtors(R) reporting a 15 percent increase in activity in the year-to-year comparison.

Last month's sales of existing condos statewide increased 5 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors(R) (FAR).

A total of 10,443 existing homes sold statewide last month, up 15 percent over the 9,118 homes sold in October 2007, according to FAR. Florida Realtors also reported higher statewide existing home and existing condo sales in September compared to the year-ago levels.

Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in October.

Seven MSAs also showed gains in condo sales, marking the fourth consecutive month that a number of markets have noted higher sales activity.

Florida's median sales price for existing homes last month was $169,700; a year ago, it was $222,200 for a 24 percent decrease.

The median is the midpoint; half the homes sold for more, half for less.The national median sales price for existing single-family homes in September 2008 was $190,600, down 8.6 percent from a year earlier, according to the National Association of Realtors(R) (NAR).

In California, the statewide median resales price was $316,480 in September; in Massachusetts, it was $295,000; in Maryland, it was $271,520; and in New York, it was $215,000.Market conditions continue to range widely, according to the latest housing outlook from NAR.

"A pattern of sharply higher sales in areas with large price declines is well established," said NAR Chief Economist Lawrence Yun. (top right photo) "Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it's important for government to keep that in the forefront of housing stimulus decisions."

In Florida's year-to-year comparison for condos, 2,956 units sold statewide compared to 2,805 sold in October 2007 for a 5 percent increase.

The statewide existing condo median sales price last month was $147,600; in October 2007 it was $192,300 for a 23 percent decrease.

In the latest data available at press time, NAR reported the national median existing condo price was $199,400 in September 2008. Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.20 percent, down from the average rate of 6.38 percent in October 2007, according to Freddie Mac.

FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.Among the state's large to medium-size markets, the Miami MSA reported a total of 453 homes sold in October compared to 367 homes a year ago for a 23 percent increase.

The existing home median sales price was $246,800; a year ago, it was $354,800 for a 30 percent decrease.

In the year-to-year comparison for the existing condo market, a total of 439 units sold in the MSA last month, up 1 percent compared to 436 condos sold the previous October.

The market's existing condo median price was $197,400; a year ago, it was $268,300 for a 26 percent decrease.

CONTACTS:

Marla Martin, Communications Manager, or Jeff Zipper, VicePresident of Communications, +1-407-438-1400, ext. 2326 or 2314, both ofFlorida Association of RealtorsWeb site: http://media.living.net/

Florida's Existing Home, Condo Sales Increase in September 2008, According to Florida Association of Realtors(R)

ORLANDO, FL /PRNewswire/ -- For the first time in almost three years, Florida's existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison.

(For a complete copy of FAR's news release, please contact Marla Martin, Communications Manager, +1-407-438-1400, Ext.2326, or Jeff Zipper, Vice President of Communications, +1-407-438-1400, Ext.2314, both of Florida Association of Realtors(R) Web site: http://media.living.net/)

Last month's sales of existing condos statewide increased 11 percent in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors(R) (FAR).

A total of 10,817 existing homes sold statewide last month, up 24 percent over the 8,725 homes sold in September 2007, according to FAR.

The last time Florida Realtors reported higher statewide existing single-family home sales was for year-end 2005, FAR records found. In July of this year, six more homes sold statewide than in July 2007, but that increase was statistically insignificant.

Fourteen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in September; nine MSAs also showed gains in condo sales, marking the third month in a row that a number of markets have noted higher sales activity.

"The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months)," says Dr. Sean Snaith, (top right photo) economist and director of the University of Central Florida Institute for Economic Competitiveness.

"This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory."

Snaith noted that September 2007 was a volatile time for the housing industry. "The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007," he explained.

"That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007."

Florida's median sales price for existing homes last month was $175,100; a year ago, it was $224,700 for a 22 percent decrease. But, looking back to September 2003, the statewide median sales price for single-family homes was $158,800 -- an increase of 10.3 percent over the five-year-period, according to FAR records. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2008 was $201,900, down 9.7 percent from a year earlier, according to the National Association of Realtors(R) (NAR). In California, the statewide median resales price was $350,140 in August; in Massachusetts, it was $325,000; in Maryland, it was $295,283; and in New York, it was $225,000.

The latest housing outlook from NAR points out the importance of available credit to the mortgage market.

"Home sales will be constrained without a freer flow of credit into the mortgage market," said NAR Chief Economist Lawrence Yun (top left photo). "The faster that happens, the sooner we'll see a broad stabilization in home prices that in turn will help the economy recover."

Among the state's large to medium-size markets, the Daytona Beach MSA reported a total of 536 homes sold in September compared to 478 homes a year ago for a 12 percent increase. The existing home median sales price was $160,000; a year ago, it was $193,200 for a 17 percent decrease.

In the year-to-year comparison for the existing condo market, a total of 74 units sold in the MSA last month, up 1 percent compared to 73 condos sold the previous September.

The market's existing condo median price was $237,500; a year ago, it was $277,100 for a 14 percent decrease.

Several Florida Metro Areas Continue Upswing in Existing Home, Condo Sales in August 2008, According to Florida Association of Realtors(r)

ORLANDO, FL/PRNewswire/ -- For the second month in a row, several of Florida's metropolitan statistical areas (MSAs) reported increased sales of both existing single-family homes and existing condos in August 2008, according to the latest housing statistics released by the Florida Association of Realtors(R) (FAR).



"Despite economic uncertainty and the start of the school year, which impacts August home sales, a number of Florida's metro areas continue to report an upswing in housing activity," says 2008 FAR President Chuck Bonfiglio.(top right photo)

"Florida Realtors are noticing signs that investors think the market has reached bottom in many areas, and they are preparing to jump in while prices remain below value. Industry analysts hope that the federal government's financial rescue plan will boost the housing market and help restore confidence."

(For a complete area-by-area listing of sales and activity, please contact Marla Martin, Communications Manager, ext. 2326, or Jeff Zipper, Vice President of Communications, ext. 2314, +1-407-438-1400, both of Florida Association of Realtors

Web site: http://media.living.net/

(530 East Central Condos, Downtown Orlando, middle right photo)

Seven of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales.

(Fort Lauderdale, FL yacht dock, middle left photo)

Many Realtors around the state are noting a rise in pending sales, more telephone calls and increased business activity in their markets, indicating heightened buyer interest

.Among the state's large to medium-size markets, the Fort Lauderdale MSA reported a total of 604 homes sold in August compared to 538 homes a year ago for a 12 percent increase. The existing home median sales price was $269,800; a year ago, it was $368,800 for a 27 percent decrease.

In the year-to-year comparison for the existing condo market, sales activity remained stable with a total of 550 existing condos sold in the MSA last month compared to 551 condos the previous August. The market's existing condo median price was $133,300; a year ago, it was $178,800 for a 25 percent decrease.

A total of 10,847 existing homes sold statewide last month while 11,282 homes sold in August 2007, a decrease of 4 percent in the year-to-year comparison, according to FAR.

Florida's median sales price for existing homes last month was $186,900; a year ago, it was $234,100 for a 20 percent decrease.

But, looking back to August 2003, the statewide median sales price for single-family homes at that time was $163,600 -- an increase of 14.2 percent over the five-year-period, according to FAR records.

The median is the midpoint; half the homes sold for more, half for less.

Florida's Existing Home, Condo Sales Improve in 2Q 2008 Compared to 1Q 2008

ORLANDO, FL/PRNewswire/ -- During the second quarter of 2008, Florida Realtors(R) continued to report positive signs for the state's housing sector, such as an increase in pending home sales (based on contracts signed but not closed) and a slower rate of expansion of inventory levels in some areas.

Sales of both existing single-family homes and existing condominiums improved in second quarter 2008 from the first quarter of the year, according to the latest housing statistics from the Florida Association of Realtors(R) (FAR).

A total of 35,178 existing homes sold statewide in 2Q 2008, up 38.2 percent over 1Q 2008 when 25,443 homes sold. The statewide existing home median price in 2Q 2008 was $203,000, slightly higher than the $202,300 median price reported in 1Q 2008.

For a complete detailed copy of FAR's release, please contact

Marla Martin, Communications Manager, +1-407-438-1400, Ext.2326, or Jeff Zipper, Vice President of Communications, +1-407-438-1400, Ext.2314, both of Florida Association of Realtors(R) Web site: http://www.media.living.net/

Florida's Existing Housing Market Shows Improving Conditions in June

ORLANDO, FL /PRNewswire/ -- Many Florida Realtors(R) 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(R) (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(R) (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 (top right photo). "Price conditions vary tremendously, even within a locality."

For a complete copy of FAR's release, please contact Marla Martin, Communications Manager, or Jeff Zipper, VicePresident of Communications, +1-407-438-1400, ext. 2326 or 2314, both of Florida Association of Realtors(R)

Web site: http://www.media.living.net/

Florida Existing Home Sales Improve in May Compared to April 2008

ORLANDO, FL /PRNewswire/ -- Florida Realtors(R) statewide continued to report positive signs in their local housing markets, with an uptick in existing home and condominium sales in May 2008 from April, according to the latest housing statistics released by the Florida Association of Realtors(R) (FAR).

A total of 12,175 existing single-family homes sold in May, up 8.7 percent over the previous month when 11,200 homes changed hands statewide.

Existing condo sales statewide rose 3 percent, with a total of 4,018 units sold in May compared with 3,900 condos in April.The median price for both existing single-family homes and existing condos increased slightly as well during the one-month period.

The existing-home median price in May was $203,300, up 2.2 percent from April's median price of $198,900. The median price of an existing condo last month was $181,800, up 1.5 percent from April's figure of $179,200.

In the latest National Association of Realtors(R) (NAR) housing outlook, Chief Economist Lawrence Yun (top left photo) noted that pending sales contracts have increased markedly in areas experiencing significant price drops.

"Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it's unclear if they are investors or owner-occupants," he said. "Sharp price reductions are leading to a quicker discovery of price equilibrium points." Pending sales are based on contracts signed but not yet closed.

For a complete copy of FAR's release, please contact Marla Martin, Communications Manager, +1-407-438-1400, ext.2326, or Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext.2314, both of Florida Association of Realtors(R)

Web site: http://media.living.net/

Florida Existing Home Sales Improve in April Compared to March 2008

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

(Top right photo shows The Plaza condo-office-retail development in Downtown Orlando)

A total of 11,200 existing single-family homes changed hands in April, a 20 percent increase over the previous month when 9,330 homes sold. Existing condo sales statewide rose 21.6 percent, with 3,900 units sold in April compared with 3,207 condos in March.

The median price for existing condos increased slightly as well during the one-month period. The median price of an existing condo in April was $179,200, up 1.6 percent from March's figure of $176,300.

In the latest National Association of Realtors(R) (NAR) housing outlook, Chief Economist Lawrence Yun (top left photo) predicts that home sales and prices throughout most of the nation will improve in the second half of the year, especially if access to mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac increases.

"There are many reasons for people to get into the housing market today, and very few reasons not to," Yun says. "With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions are ripe for buyers."

(For a complete copy of FAR's news release, please contact Marla Martin, Communications Manager, +1-407-438-1400, ext.2326, or Jeff Zipper, Vice President of Communications +1-407-438-1400, ext.2314, both of Florida Association of Realtors(R)

Web site: http://media.living.net/

FAR Says Florida's Existing Condo Sales Improve in 1Q 2008 Compared to 4Q 2007

ORLANDO, FL, PRNewswire/ -- Florida Realtors(R) reports positive signs in their local housing markets during first quarter 2008, noting a slower rate of expansion for inventory levels and an increase in pending home sales (based on contracts signed but not closed) in some areas.

In another positive note: Sales of existing condominiums improved from fourth quarter 2007 to first quarter 2008, according to the latest housing statistics from the Florida Association of Realtors(R) (FAR).

A total of 8,581 existing condos sold statewide in 1Q 2008, an 8.3 percent increase over 4Q 2007 when 7,923 units sold.

"If we look at what is happening month-over-month for 2008, it appears that the bottom [of the housing slowdown] may be here," says 2008 FAR President Chuck Bonfiglio (top left photo). "We are now seeing more activity, more sales and even prices starting to rise in some markets. So I believe that there are some really good signs in many areas of our state."

Looking at the year-to-year quarterly comparison, a total of 25,443 single-family existing homes changed hands during the three-month period, a decrease of 26 percent compared to 34,298 homes sold during the same time a year earlier, according to FAR records.

The statewide existing-home median sales price was $202,300 in the first quarter; a year ago, it was $238,900 for a decrease of 15 percent.

In 2003, the first-quarter statewide median sales price was $145,600, which reflects an increase of 38.9 percent over the five- year period. The median is a typical market price where half the homes sold for more, half for less.

To gain insight into current trends in Florida's real estate industry, the University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. The first quarter 2008 survey, released in March, found the outlook for Florida remains stable because of the state's fundamentals of good climate and in-migration.

"It sounds like an old song re- sung, but our respondents are still keeping the faith in the real estate market," said Wayne Archer, (right middle photo) director of UF's Bergstrom Center for Real Estate Studies.

In a year-to-year quarterly comparison for condo sales, 8,581 units sold statewide for the quarter compared to 11,116 in 1Q 2007 for a 23 percent decrease. The statewide existing-condo median sales price was $178,400 for the three-month period; in 1Q 2007, it was $216,100 for a 17 percent decrease.

Continuing low mortgage rates remain another positive influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.88 percent in first quarter 2008; one year earlier, it averaged 6.22 percent.

The latest industry outlook from the National Association of Realtors(R) (NAR) predicts that home sales activity will remain flat for the next couple months before improving over the summer.

The extent of an expected recovery hinges on better access to affordable loans, according to NAR Chief Economist Lawrence Yun (photo at right).

"Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," Yun said. "As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available."

(For a complete copy of FAR's news release, please contact
Marla Martin, Communications Manager, +1-407-438-1400, ext.2326, or Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext.2314, both of Florida Association of Realtors(R)

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