Florida’s housing market for 1Q 2007: Sales soft, median price down

In first quarter 2007, Florida’s housing sector continued to mirror the national pattern, with higher inventory levels of homes for sale, median prices edging down and soft sales reflecting a buyer’s market in many areas. Statewide, sales of single-family existing homes totaled 33,748 during the three-month period, a decrease of 26 percent compared to 45,844 homes sold during the same time a year earlier, according to the Florida Association of Realtors® (FAR). The statewide existing-home median sales price was $237,000 in the first quarter; a year ago, it was $243,500 for a decrease of 3 percent. In 2002, the first-quarter statewide median sales price was $129,600, which reflects an increase of about 82.9 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

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