Make us your home page
Instagram

Florida home sales rise 8 percent in one month

Bucking a national trend, Florida home sales continued percolating in June, rising almost 15 percent compared with a year ago and up nearly 8 percent in just one month.

With foreclosures continuing to clog the market, a broader recovery of housing prices remains elusive. Yet local Realtors point to the June housing report as more evidence the market is improving.

Vernon Taylor, president of the Greater Tampa Association of Realtors, cites a few Hillsborough County statistics to bolster that argument: the inventory of available homes has fallen from 17,000 to 13,000 over the year; the average length of time a house stays on the market has dropped by seven days, and the average sales price has ticked up slightly.

"We're not out of it yet," said Taylor, broker-owner of VET Realty in Lutz. "But my little analysis of this is that instead of a little penlight at the end of the tunnel, we're now seeing something closer to a flashlight head."

The median sale price for a Florida home was $143,400 in June, according to data released Thursday by Florida Realtors. That's up 2 percent from the prior month — the fourth consecutive monthly rise — but it's still down about 3 percent from the year-ago median sale price of $147,700.

The Tampa Bay area held up better than much of the state. The median sale price slipped less than 1 percent compared to a year ago, dropping from $139,400 to $138,400. A total of 3,226 homes changed hands in the region, up 13 percent from June 2009.

For condominium sellers, the numbers were more glum: Although the number of condo sales surged 33 percent statewide and 36 percent in the bay area compared with a year ago, median prices fell dramatically, dipping below $100,000. The median condo sale price statewide was $95,000, down 16 percent, and in the bay area it was $99,100, down 13 percent.

Nationally, the housing market showed renewed weakness as sales of existing homes fell 5.1 percent in June compared with May to a seasonally adjusted annual rate of 5.37 million units, the National Association of Realtors reported. Sales year over year were up 9.8 percent.

One factor cited for the month-to-month drop was the expiration of tax credits geared toward first-time home buyers.

In Florida, a huge backlog of foreclosures and short sales working through the system continue to pump up the total number of transactions. And many in the industry are wary of another pending wave of foreclosures as more adjustable rate mortgages reset to higher rates.

Lawrence Yun, chief economist with the National Association of Realtors, said sales nationally are expected to keep falling for the next three to four months, which could drive prices lower.

The median existing single-family home price nationally was $184,200 in June, up 1.3 percent from a year ago. The median sales price for all types of housing was $183,700, up 1 percent from last year.

Longer term, Yun said, a full-fledged housing recovery is contingent on one thing: more jobs.

"If jobs come back as expected," he said, "the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions."

Jeff Harrington can be reached at harrington@sptimes.com or (727) 893-8242.

.Fast facts

Local home sales

by the numbers

Single-family home sales in the Tampa Bay area:

June 2010: 3,226

June 2009: 2,848

June 2008: 2,346

June 2007: 2,428

June 2006: 3,751

June 2005: 5,230

June 2004: 5,149

June 2003: 3,871

Source: Florida Realtors

Florida home sales rise 8 percent in one month 07/22/10 [Last modified: Thursday, July 22, 2010 9:33pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. FBI warns of spreading W-2 email theft scheme

    Personal Finance

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms — scams that can put staffers' Social Security numbers and other critical information in the hands of thieves.

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms.
[McClatchy DC/TNS file photo]
  2. Walmart expands grocery delivery service to Tampa

    Retail

    TAMPA — Walmart is expanding its grocery delivery service to Tampa, the company announced Monday. Five locations will offer delivery for online grocery orders.

    Walmart is expanding its grocery delivery to Tampa, the company announced Monday. | [Times file photo]
  3. Marina at Hudson Beach poised to become 24-unit condominium-hotel

    Business

    HUDSON — One of the mainstay businesses at Hudson Beach is poised for redevelopment into a 24-unit condominium-hotel.

    The owners of Skeleton Key Marina in Hudson have filed preliminary plans with Pasco County to redevelop the site into a 24-unit condominium-hotel.
  4. Have your say Tampa Bay on the region's future transit options

    Mass Transit

    TAMPA — It's time, yet again, for Tampa Bay residents to tell officials what kind of transit options they want for their region.

    The Cross-Bay Ferry docks at the Tampa Convention Center on its maiden voyage on Nov. 1, 2016. A regional premium transit study will determine whether a ferry, or other options such as express buses or light rail, would be a good addition to Tampa Bay. [SCOTT KEELER  |  Times]
  5. SOCom seeks civilian drone pilots to develop new technology through ThunderDrone

    Macdill

    TAMPA — For the last three years, Nicole Abbett has been using drones as part of her photography business, with clients like the city of Tampa and construction companies.

    Josh Newby, 31, Palm Harbor, of Tampa Drones fly's a drone in England Brothers park, Pinellas Park, 8/25/16. As drone popularity increases as a hobby and business, local governments are navigating a legal grey area- where, when, and how should drone flights be allowed?