Daytona Beach Existing Home & Condo Sales Follow Florida Trends Up

Florida's existing home sales rose in June - the 10th consecutive month that sales activity showed gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR). Statewide sales in June also increased over the previous month's sales level in both the existing home and existing condominium markets. And, for the second month in a row, the statewide median sales price for existing homes was higher than the previous month's statewide median.

Existing home sales rose 28 percent last month with a total of 15,850 homes sold statewide compared to 12,339 homes sold in June 2008, according to FAR. Statewide existing home sales in June increased 13.8 percent over May's statewide activity.

Florida Realtors also reported a 39 percent rise in statewide sales of existing condos in June; existing condo sales last month rose 8.3 percent over the total units sold in May. In Florida's year-to-year comparison for condos, 5,241 units sold statewide compared to 3,771 units in June 2008 for a 39 percent increase. The statewide existing condo median sales price last month was $112,900; in June 2008 it was $180,400 for a 37 percent decrease.

NAR's latest housing industry outlook notes the $8,000 tax credit for first-time homebuyers is boosting the sector. "Strong activity by entry level buyers is helping to absorb inventory and allow some existing owners to make a trade," said NAR Chief Economist Lawrence Yun. "However, the increase in sales is less than expected because poor appraisals are stalling transactions. The big question is how much the appraisal issue will impact the ability of contracts to go to closing."

For Daytona Beach, 661 single family homes sold in June vs. 550 last year (up 20%), with a median sales price of $133,400 vs. $170,200 last year (down 22%). For condos, in Daytona Beach there were 120 sales vs. 89 last year (up 35%), with a median sales price of $166,700 vs $247,700 last year (down 33%).

The first-time homebuyer credit expires Nov. 30. Don't let this great opportunity of low prices and low interest rates pass you by - at least take a look at what's available while the inventory is still overflowing. Contact me today to find short sales and bank-owned homes in the Daytona Beach area.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.daytonabeachflhomes.com

(source: REChannel)