September home resales hit record high in Florida

Fears that the current low mortgage rates may be heading higher sparked many homebuyers to make their purchase decisions now, said Realtors across Florida, who also report that heavy demand for existing homes resulted in low inventory in many markets.

Statewide, sales of single-family, existing homes rose 34 percent last month, with a total of 18,222 homes sold compared to 13,585 homes a year ago. The statewide median sales price climbed 12 percent to $158,800 compared to $141,400 in September 2002. In September 1998, the statewide median sales price for single-family existing homes was $102,400, translating to a 55 percent increase over the five-year period, FAR records show.

Florida's median sales price compares favorably to the national median sales price for existing single-family homes, which was $177,500 in August, up 9.8 percent from the previous August when it was $161,700. In California, the statewide median resales price was $404,870 in August; in New York, the median price was $223,000; in North Carolina, the average resales price was $184,908; in Illinois, the median price was $184,500; and in Ohio, the average statewide resales price was $156,932.

Interest rates for a 30-year fixed-rate mortgage averaged 6.15 percent in September, edging up from the average rate of 6.09 percent a year ago. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's larger markets, the Orlando metropolitan statistical area (MSA), reported a 35 percent increase in sales last month, with 2,949 homes sold compared to 2,188 homes a year ago. The area's median sales price rose 9 percent to $144,900; a year ago it was $132,600.

Other large MSAs reporting strong home sales last month include: Tampa-St. Petersburg-Clearwater, where 3,062 homes changed hands for a 44 percent increase; and West Palm Beach-Boca Raton, where 1,329 homes sold for a 33 percent gain. The median sales price in those markets also rose: in West Palm Beach-Boca Raton, 25 percent to $252,600; and in Tampa-St. Petersburg-Clearwater, 9 percent to $148,800.

Tallahassee, one of the state's smaller MSAs, recorded a 57 percent boost in home sales in September, with 299 homes sold compared to 190 homes a year ago. The market's median sales price rose 9 percent to $147,800 last month; a year ago, it was $136,100.

Other smaller MSAs reporting dramatically higher home sales last month include: Pensacola, where 525 homes sold for a dramatic 90 percent increase; and Panama City, where 219 homes changed hands for a 59 percent gain. The median sales price in those markets also rose: in Panama City, 13 percent to $142,000; and in Pensacola, 3 percent to $117,200.