Home Sales Fall Locally, Median Price Climbs

Sales of existing single-family homes in Jacksonville dropped 18 percent in the third quarter, according to figures from the Florida Association of Realtors, as sales fell by at least 11 percent in all 20 markets tracked by FAR.

The 4,173 existing single-family homes sold in the third quarter was down from 5,116 sold in the third quarter of 2005.

The median price of those homes rose 5 percent to $204,500.

Across the state, sales fell by 34 percent and the median price of those homes was virtually unchanged at $247,900, up $100 from a year earlier.

The chief economist for the National Association of Realtors held out hope for a rebounding housing market as early as the first quarter of next year. "Many potential buyers who have been taking a wait-and-see attitude or are being methodical in the search process are being enticed by lower home prices," David Lereah said. "Given a positive economic backdrop of lower interest rates and job creation, we expect sales activity to pick up early next year."

Sales of existing condominiums also fell statewide and locally. Across the state the number of sales fell 41 percent and the median price dropped 3 percent to $204,300. Local condo sales were down 49 percent, but the figures did not include data from the St. Augustine-St. Johns County Board of Realtors. The median price of local condos was $171,900, down less than 1 percent from a year earlier.

Source: Florida Association of Realtors