Wednesday, May 03, 2006

Florida Real Estate Market - Prices up, sales down

This may be the headline for Florida housing stories for some time as the market settles down after five years of phenomenal growth. In March, sales of single-family existing homes totaled 18,881, a 22% drop from March 2005 levels. The condo market experienced a decline in sales as well. Among Florida's 20 Metropolitan Statistical Areas, 6,481 condos changed hands in March, a 23% decline from a year ago. As for median prices, they're up again-17% for single-family homes (to $248,200) and 2% for condos (to $214,200). Single-family home prices are highest in Naples ($505,800) and lowest in Ocala ($161,100); condo prices are highest in Fort Walton Beach ($411,800) and lowest in Lakeland-Winter Haven ($128,000).

Same story nationally: March single-family existing home sales dropped 0.7% to a seasonally adjusted annual rate of 6.92 million units compared to the same period a year ago, and the median price jumped 7.8% to $217,300.

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