Florida enjoys mini-sales boom on condos in June
Florida’s existing-condo sales rose 8% in June with 7,922 units sold statewide compared to 7,330 sold in June 2010, according to Florida Realtors. The statewide existing-condo median sales price last month was $94,100, up 2% from $92,300 in June 2010. "Promising signs continue for a slowly strengthening economy and housing market," said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties. "Mortgage interest rates remain historically low and affordability conditions are strong." Nine of Florida's metropolitan statistical areas reported higher existing-condo sales in June while six MSAs had higher existing-home sales. Miami showed one of the biggest gains, with 1,316 existing-condos sold in June, up 54% from 855 in the year-ago period, but prices dipped by 7%. Miami also sold more existing homes, 923 sales, up from 686 single-family existing-home sales in June 2010 for a 35% increase, but prices for existing homes dipped 9% during that time period. Fort Walton Beach, Fla., saw its existing-condo sales skyrocket 100%, increasing from 81 sales in June 2010 to 162 sales last month. Prices on existing condos there were up by 3%. In Florida's year-to-year comparison for existing-home sales, 17,597 homes sold last month compared to 18,402 homes sold in June 2010, a 4% decrease. The statewide median sales price for existing homes in June was $138,000, down 2% from a year ago. Sales of foreclosures and other distressed properties continue to distort the median price because they generally sell at a discount relative to traditional homes. The National Association of Realtors' latest industry outlook points to the still-sluggish job market and overly restrictive lending requirements as factors constraining housing's recovery. Nationwide, existing homes sales were down 0.8% in June from May and 8.8% below June 2010 levels, which marked the last month of the federal homebuyer tax credit. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.