ORLANDO, Fla. – Feb. 12, 2009 – Sales of existing
single-family homes in Florida rose 13 percent in
fourth quarter 2008 compared to the same period a
year earlier, according to the latest housing
statistics from the Florida Association of Realtors®
(FAR). A total of 30,163 existing homes sold
statewide in 4Q 2008; during the same period the
year before, a total of 26,635 existing homes sold
statewide. It marks the second consecutive quarter
that Florida has reported higher existing home
sales; sales activity rose 5 percent in 3Q 2008
compared to the same period the previous year,
according to FAR.
Florida Realtors also reported a 3 percent gain in
statewide sales of existing condominiums in the
fourth quarter compared to the same time the
previous year. This marks the first three-month
period that has noted increased statewide sales in
both the existing home and condo markets compared to
year-ago levels.
Twelve of Florida’s metropolitan statistical areas (MSAs)
reported increased sales of existing homes in the
fourth quarter compared to the same
three-month-period a year earlier, while eight MSAs
showed gains in condo sales. A growing number of
local markets have reported increased sales activity
over the past few months, according to FAR.
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.
However, one positive sign is the recent dramatic
increase in refinancing with the availability of 5
percent mortgage rates in mid-December, according to
Dr. Wayne Archer, center director. If additional
programs are put into place that create 4.5 percent
Federal Housing Administration mortgages for people
who have difficulty making payments, he said, it
will do even more to stabilize the housing industry.
In the year-to-year quarterly comparison for condo
sales, 8,374 units sold statewide for the quarter
compared to 8,098 in 4Q 2007 for a 3 percent
increase.
Continuing low mortgage rates remain another
favorable influence on the housing sector. According
to Freddie Mac, the national commitment rate for a
30-year conventional fixed-rate mortgage averaged
5.86 percent in 4Q 2008; one year earlier, it
averaged 6.23 percent.
