Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
Wednesday, January 25, 2006
Florida Existing Home Sales Fall 15%
While the Florida realtors group hasn't released the full numbers, there is this press release. "The median price for existing single-family homes in Florida continued to rise in December, reaching $247,000, an increase of 27 percent compared to the statewide median price of $194,000 in December 2004, according to the Florida Association of Realtors."
"Statewide, a total of 17,505 homes sold last month compared to 20,592 homes sold in December 2004, for a drop in the sales pace of 15 percent during the holiday period. Realtors across the state reported that inventory levels appear to be on the rise following months of tight supply in many markets."
Comparing the data we do have with last months release provides these numbers, which are price declines from the previous month and percentage declines from November, 2004.
Ft. Lauderdale, from $391,100 down to $369,000, sales off 41%.
Gainsville, from $197,100 to $190,400, sales flat.
Punta Gorda, from $236,900 down to $223,800, sales off 25%.
West Palm Beach/Boca Raton. from $421,500 to $408,200, sales off 37%.
Sarasota/Bradenton prices flat, sales were down 42%, YOY.
If the FAR releases the details today, I will update this post.
ReplyDeleteRK
ReplyDeleteOur HH monthly is about 27K. We pay $1,500 per month for housing and I think that is too much. I simply feel that I don't live in the same world as 28 year olds with 600K houses. The most expensive house I've ever had sold for 380K and I was SO relieved to be rid of it.
OT but funny, Craigs List RE messages have made The Onion.
ReplyDeletehttp://www.theonion.com/content/node/44687
Don't know if anyone has been following the eminent domain issue, but here is some new news:
ReplyDeleteBB&T won't lend for projects under eminent domain
BB&T Corp. a large U.S. southeast bank, on Wednesday said it will not lend to commercial developers that plan to build projects on land taken from private citizens through eminent domain.
The policy change by Winston-Salem, North Carolina-based BB&T, the No. 9 U.S. bank, covers lending for such projects as condominiums and shopping malls.
..
"The idea that a citizen's property can be taken by the government solely for private use is extremely misguided," BB&T Chief Executive John Allison said in a statement. "In fact, it's just plain wrong."
It was not immediately clear how much BB&T lends for private projects on land taken by eminent domain, or whether other banks might adopt similar policies.
grim
Another OT, here is an interesting report that looks at the bubble areas in the Anglosphere (US, Canada, Australia, New Zealand, UK).
ReplyDeletehttp://www.demographia.com/dhi-ix2005q3.pdf
I am surprised somewhat. Most of the reports I've seen state that London is more out of wack than LA, but according to these numbers American bubble cities are in the top 5.
Looking at FAR's numbers, from October 2005 to December 2005 we see decreases in the median sale price for the following areas:
ReplyDelete~Fort Pierce - Port St. Lucie
~Jacksonville
~Lakeland - Winter Haven
~Melbourne - Titusville - Palm Bay
~Naples
~Orlando
~Panama City
~Pensacola
~Tampa-St. Petersburg - Clearwater
~West Palm Beach - Boca Raton
The Fed's Jan. 31 quarter percentage point increase will be the prick to David Lereah's balloon.
ReplyDeleteExisting home inventory for my Florida zip code has risen 10% in less than a month. Time will tell if it's a blip or trend.
ReplyDelete157 homes as of January 6, 2006.
171 homes as of January 11, 2006
174 homes as of January 18, 2006.
183 homes as of January 25, 2006.