Sales of both existing single-family homes and existing condominiums improved in second quarter 2008 from the first quarter of the year, according to the latest housing statistics from the Florida Association of Realtors(R) (FAR). A total of 35,178 existing homes sold statewide in 2Q 2008, up 38.2 percent over 1Q 2008 when 25,443 homes sold. The statewide existing home median price in 2Q 2008 was $203,000, slightly higher than the $202,300 median price reported in 1Q 2008.

In the state's existing condo market, a total of 11,343 units sold in 2Q 2008, a 32.2 percent increase over 1Q 2008 when 8,581 units changed hands. The statewide existing condo median price in 2Q 2008 was $181,100, an increase of 1.5 percent from 1Q 2008.

"Across the state, we're seeing positive signs for Florida's housing market," says 2008 FAR President Chuck Bonfiglio. "Realtors are reporting heightened interest from buyers, more business activity and an increase in pending sales. Prices also appear to be reaching equilibrium in many areas, another encouraging sign that could boost the market's momentum."

Looking at the year-to-year quarterly comparison, a total of 35,178 single-family existing homes changed hands during the three-month period, a decrease of 6 percent compared to 37,407 homes sold during the same time a year earlier, according to FAR records. The statewide existing-home median sales price was $203,000 in the second quarter; a year ago, it was $241,200 for a decrease of 16 percent. In 2003, the second-quarter statewide median sales price was $154,700, which reflects an increase of 31.2 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

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. The second quarter 2008 survey found the long-term outlook for Florida remains positive. "As long as the United States economy has bright prospects and particularly as long as Florida has good prospects, it's very hard I think to make a case for a long-term picture that's negative," said Wayne Archer, director of UF's Bergstrom Center for Real Estate Studies. He added that the logical time for market cycles to change is likely the spring of 2009.

In a year-to-year quarterly comparison for condo sales, 11,343 units sold statewide for the quarter compared to 12,585 in 2Q 2007 for a 10 percent decrease. The statewide existing-condo median sales price was $181,100 for the three-month period; in 2Q 2007, it was $215,300 for a 16 percent decrease.

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 6.09 percent in second quarter 2008; one year earlier, it averaged 6.37 percent.

The latest industry outlook from the National Association of Realtors(R) (NAR) predicts improvements in existing home sales in the coming months, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently approved housing stimulus legislation. "With a tax credit now available to first-time homebuyers, increases in home sales could be sustained with the momentum carrying into 2009," said NAR Chief Economist Lawrence Yun.

Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the second quarter of 2008 to the second quarter of 2007, based on Realtor closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in second quarter 2008 to second quarter 2007, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.

The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 125,000 members in 67 boards/associations.

Editor's Note: You may wish to use this information with today's release from the National Association of Realtors.

                  Florida Sales Report - 2nd Quarter 2008                       Single-Family, Existing Homes                                 Realtor Sales          Median Sales Price         Statewide &        Metropolitan       2nd Qrtr. 2nd Qrtr. %    2nd Qrtr.  2nd Qrtr. %      Statistical Areas      2008     2007    Chge    2008       2007   Chge           (MSAs)             STATEWIDE* (1)   35,178  37,407    -6  $203,000   $241,200  -16            Daytona Beach     1,713   1,878    -9  $174,500   $199,000  -12          Fort Lauderdale     1,687   1,828    -8  $299,700   $372,200  -19    Fort Myers-Cape Coral     2,351   1,706    38  $196,400   $273,500  -28         Fort Pierce-Port                St. Lucie     1,232     921    34  $162,300   $236,300  -31        Fort Walton Beach       665     743   -10  $224,000   $225,000    -              Gainesville       688     851   -19  $201,900   $217,100   -7             Jacksonville     2,862   3,762   -24  $191,700   $207,900   -8    Lakeland-Winter Haven       801     966   -17  $146,900   $172,900  -15    Melbourne-Titusville-                 Palm Bay     1,446   1,497    -3  $163,000   $194,300  -16                    Miami     1,062   1,494   -29  $299,600   $385,000  -22          Marco Island (2)      155     116    34  $508,800   $533,300   -5                    Ocala       652     916   -29  $147,700   $173,800  -15                  Orlando     4,477   4,933    -9  $216,900   $253,800  -15              Panama City       294     415   -29  $192,300   $202,800   -5                Pensacola       924   1,188   -22  $161,800   $168,800   -4              Punta Gorda       756     707     7  $147,300   $195,200  -25       Sarasota-Bradenton     2,195   2,045     7  $248,300   $296,900  -16              Tallahassee       588     790   -26  $194,800   $211,700   -8    Tampa-St. Petersburg-               Clearwater     6,703   6,755    -1  $177,000   $210,700  -16     West Palm Beach-Boca                    Raton     2,108   2,170    -3  $327,500   $380,600  -14    (1)  * Statewide figure includes data from the Naples Area Board of          Realtors.   (2)  Data is only from the Marco Island Association of Realtors.    

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

This information is based on a survey of MLS sales levels from Florida's Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Association of Realtors and the University of Florida Bergstrom Center for Real Estate Studies.

                  Florida Sales Report - 2nd Quarter 2008                           Existing Condominiums                              Realtor Sales           Median Sales Price        Statewide &       Metropolitan      2nd Qrtr. 2nd Qrtr. %    2nd Qrtr. 2nd Qrtr.   %     Statistical Areas     2008     2007    Chge    2008      2007     Chge          (MSAs)          STATEWIDE* (1)   11,343  12,585    -10     $181,100  $215,300  -16          Daytona Beach      293     303     -3     $229,400  $244,800   -6        Fort Lauderdale    1,824   1,933     -6     $148,200  $197,800  -25  Fort Myers-Cape Coral      527     457     15     $222,600  $246,900  -10       Fort Pierce-Port              St. Lucie      267     266     -      $174,000  $204,800  -15      Fort Walton Beach      212     245    -13     $375,000  $389,800   -4            Gainesville      209     316    -34     $145,800  $153,600   -5           Jacksonville      311     630    -51     $159,700  $199,200  -20  Lakeland-Winter Haven       34      51    -33     $110,000  $123,800  -11  Melbourne-Titusville-               Palm Bay      340     355     -4     $150,700  $185,300  -19                  Miami    1,280   1,830    -30     $277,100  $270,500    2       Marco Island (2)      159     169     -6     $426,200  $373,500   14                  Ocala       18      29    -38      $76,700   $88,300  -13                Orlando      462     572    -19     $127,000  $155,700  -18            Panama City      145     150     -3     $275,000  $275,000    -              Pensacola      122     157    -22     $280,000  $290,600   -4            Punta Gorda       96     109    -12     $148,600  $154,700   -4     Sarasota-Bradenton      768     885    -13     $239,000  $251,000   -5            Tallahassee       52      81    -36     $115,000  $103,300   11  Tampa-St. Petersburg-             Clearwater    1,540   1,477      4     $149,200  $172,200  -13   West Palm Beach-Boca                  Raton    1,896   1,788      6     $157,000  $213,500  -26    (1)  *Statewide figure includes data from the Naples Area Board of        Realtors.   (2)  Data is only from the Marco Island Association of Realtors.    

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

This information is based on a survey of MLS sales levels from Florida's Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Association of Realtors and the University of Florida Bergstrom Center for Real Estate Studies.

Florida Association of Realtors(R)

CONTACT: Marla Martin, Communications Manager, +1-407-438-1400, Ext.2326, or Jeff Zipper, Vice President of Communications, +1-407-438-1400, Ext.2314, both of Florida Association of Realtors(R)

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