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Jeff Zipper, Vice President of Communications
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Marla Martin, Communications Manager
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Florida Home Sales Up 15 Percent in October

ORLANDO, Fla., Nov. 25, 2003 -- Economists have predicted a strong housing market through the first half of 2004 and the October home sales statistics from the Florida Association of Realtors® (FAR) show that Florida's existing home resale market is on track. Statewide, a total of 18,384 existing single-family homes sold last month compared to 15,917 homes a year ago for a 15 percent increase, according to FAR.

Marking a six-month trend for double-digit gains in both home sales volume and median price, the statewide median sales price rose 11 percent to $161,100 last month; a year ago, it was $145,100. Realtors across the state cite continuing low interest rates as a primary force in the state's robust resales activity.

Interest rates for a 30-year fixed-rate mortgage averaged 5.95 percent in October, significantly lower than the average 6.11 percent rate recorded a year ago. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Florida’s median sales price of $161,100 compares favorably to the national median sales price for existing single-family homes, which was $172,300 in September, up 9.1 percent from the previous September when it was $157,900. In California, the statewide median resales price was $380,040 in September; in New York, the median price was $223,000; in North Carolina, the average resales price was $186,328; in Illinois, the median price was $177,400; and in Ohio, the average statewide resales price was $147,027.

Among the state’s larger markets, the Tampa-St. Petersburg-Clearwater metropolitan statistical area (MSA) reported a 25 percent increase in home sales in October with a total of 2,925 homes changing hands compared to 2,339 homes a year ago. The area’s median sales price rose 7 percent last month to $146,200; a year ago, it was $138,800.

Alma Alexander, president-elect of the Greater Tampa Association of Realtors and a broker associate with Coldwell Banker Residential's North Tampa office, says affordability is key to homeownership and that national statistics show the cost of living in Tampa is lower than in many communities.

“Phenomenal growth and new construction is generating sales activity in the whole Tampa Bay area,” she says. “We also have good employment scores, and when people are working, they are able to fulfill their desire to purchase a home.”

Other larger Florida MSAs reporting higher sales for October compared to a year ago include: Daytona Beach, where 1,025 homes changed hands for a 35 percent boost; and Orlando, where 3,015 homes sold for a 26 percent gain. The median sales price in those markets also rose last month: in Daytona Beach, 17 percent to $135,700; and in Orlando, 10 percent to $144,600.

Among the state’s smaller MSAs, Fort Pierce-Port St. Lucie posted a 20 percent gain in home sales in October, with 543 homes changing hands compared to 451 homes a year ago. The market’s median sales price rose 23 percent last month to $166,700; last year, it was $135,600.

The No. 1 reason drawing homebuyers into St. Lucie County is the area itself, with its easy access to South Florida, its beautiful beaches and the current influx of new business and development, says Robert J. Lowe, president of the St. Lucie Association of Realtors and broker-owner of Lowe's International Realty Plus Inc.

“Second, I'd say it's the price range of our housing products,” he says. “We have buyers coming up from South Florida because the location is convenient and they can buy more for their money. The low interest rates are part of the picture, too.”

Other smaller MSAs that posted gains in the number of homes sold in October include: Tallahassee, where 317 homes sold for a 42 percent jump; and Gainesville, where 249 homes sold for a 21 percent increase. The median sales price in those markets also rose: in Gainesville, 24 percent to $154,500; and in Tallahassee, 1 percent to $142,500.

A chart showing statistics for Florida and its 20 MSAs is available by clicking here. The chart compares the volume of existing, single-family home sales and median sales prices in August 2003 to August 2002, based on Realtor transactions.

The Florida Association of Realtors, the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 90,000 members in 70 boards/associations.

© 2003 FLORIDA ASSOCIATION OF REALTORS