Orlando Area Real Estate News

Florida’s housing sector continues to face mortgage turmoil in February. Sales of existing single-family homes totaled 8,310 in the past month while 11,132 homes sold in February 2007 statewide. This is a decrease of 25 percent in the year-to-year comparison, according to the Florida Association of Realtors® (FAR).The National Association of Realtors® (NAR) forecasts the volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas.  The median sales price for existing single-family homes in Florida last month was $198,900; a year ago, it was $237,000, at a 16 percent decrease. The national median sales price for existing single-family homes in January 2008 was $198,700, down 5.1 percent from a year earlier, according to NAR. In comparison California’s statewide median resale’s price was $430,370 in January; in Massachusetts, it was $321,000; in Maryland, it was $286,520; and in New York, it was $240,000.Florida existing condominium sales decreased last month, with a total of 2,765 condos sold statewide compared to 3,375 in February 2007, a decline of 18 percent according to FAR. The statewide median sales price for condos last month was $175,600, down 20 percent from February 2007’s condo median price of $218,900. As reported by NAR the national median existing condo price was $220,400 in January 2008.

Florida existing home sales:  -28% Florida existing condo sales: -30% Florida existing home median price: $208,600 Florida existing condo median price: $190,200Florida consumer confidence: 74 National existing home sales:  -0.4%National existing home median price: $198,700National (Freddie Mac) mortgage rate: 6.13%

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