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Central Florida Sold Listings year to date 4 counties – 15870 Central Florida Sold listings same time period last year – 19191 Orange County Florida Active Listings – 15394 Pending Listings – 2287 Seminole County Florida Active Listings – 4699 Pending Listings – 505 Osceola County Florida Active Listings – 6097 Pending Listings – 854 Lake County Florida Active Listings – 5632 Pending Listings – 548 Central Florida Sold Listings year to date 4 counties – 15812 Central Florida Sold listings same time period last year – 19113 Orange County Florida Active Listings – 15380 Pending Listings – 2293 Seminole County Florida Active Listings – 4690 Pending Listings – 511 Osceola County Florida Active Listings – 6102 Pending Listings – 844 Lake County Florida Active Listings – 5611 Pending Listings – 560 Four out of five metropolitan areas recorded lower home prices in the third quarter from a year earlier, while existing-home sales fell in 32 states from the second quarter, according to the latest quarterly survey by the NATIONAL ASSOCIATION OF REALTORS®. In the third quarter, 28 out of 152 metropolitan statistical areas showed increases in median existing single-family home prices from the same quarter in 2007; four were unchanged and 120 metros experienced declines. NAR’s track of metro area home prices dates back to 1979. NAR President Charles McMillan said price comparisons in many areas are like apples and oranges. “A very large proportion of distressed home sales are taking place at discounted prices compared to more normal conditions a year ago,” McMillan says. “It’s very challenging to understand proper valuation, given the differences between distressed sales and a larger share of traditional homes in sound condition.“ Foreclosure Impact Distressed sales — foreclosures and short sales — accounted for 35 to 40 percent of transactions in the third quarter, pulling down the national median existing single-family price to $200,500, which is 9 percent lower than the third quarter of 2007. A year ago, when there were significantly fewer distressed transactions, the median price was $220,300. The median price is where half of the homes sold for more and half sold for less. Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.04 million units in the third quarter, up 2.6 percent from 4.91 million units in the second quarter, but remain 7.7 percent below the 5.46 million-unit pace in the third quarter of 2007. Lawrence Yun, NAR chief economist, says conditions continue to range widely. “A pattern of sharply higher sales in areas with large price declines is well established,” Yun says. “Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it’s important for government to keep that in the forefront of stimulus decisions.” According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage rose to 6.32 percent in the third quarter from 6.09 percent in the second quarter; the rate was 6.55 percent in the third quarter of 2007. Last week, Freddie Mac reported the 30-year fixed fell to 6.14 percent. Strongest Sales Gains The largest sales gain during the third quarter was in Arizona, up 28.3 percent from the second quarter, followed by California which rose 28.1 percent and Nevada, up 26.2 percent. The steepest declines in single-family home prices in the third quarter were in three California markets: the Riverside-San Bernardino-Ontario area, where the median price of $227,200 dropped 39.4 percent from a year ago, followed by Sacramento-Arden-Arcade-Roseville at $212,000, down 36.8 percent from the third quarter of 2007, and San Diego-Carlsbad-San Marcos, where the price dropped 36 percent to $377,300. “These areas have seen some of the strongest sales gains with some reports of multiple bidding,” Yun says. The largest single-family home price increase in the third quarter was in the Elmira, N.Y., area, where the median price of $105,000 rose 12.5 percent from a year ago. Next was Decatur, Ill., at $93,400, up 8.7 percent from the third quarter of 2007, followed by the Bloomington-Normal, Ill., area, where the third-quarter median price increased 8.1 percent to $168,400. The typical seller purchased their home six years ago and is experiencing net equity gains. The national increase in value since the third quarter of 2002 is 18.3 percent, which is a median gain of $31,000. Even with the current downward price distortion, 90 percent of metro areas are showing six-year price gains. Median third-quarter metro area single-family home prices ranged from an affordable $65,800 in the Saginaw-Saginaw Township North area of Michigan to $650,000 in the San Jose-Sunnyvale-Santa Clara area of California. The second most expensive area was San Francisco-Oakland-Fremont, at $615,700, followed by Honolulu at $615,000. Affordable markets include the Youngstown-Warren-Boardman area of Ohio and Pennsylvania at $74,300, and South Bend-Mishawaka, Ind., at $88,000. The Condo Market In the condo sector, metro area condominium and cooperative prices – covering changes in 57 metro areas – showed the national median existing-condo price was $210,800 in the third quarter, down 7.1 percent from $227,000 in the third quarter of 2007. Sixteen metros showed annual increases in the median condo price and 41 areas had price declines. The strongest condo price increases were in the Dallas-Fort Worth-Arlington area, where the third quarter price of $149,900 rose 11.1 percent from a year earlier, followed by Bismarck, N.D., at $148,000, up 11 percent, and the Houston-Baytown-Sugar Land area, where the median condo price of $134,100 rose 8.1 percent from the third quarter of 2007. Metro area median existing-condo prices in the third quarter ranged from $112,600 in the Greensboro-High Point, N.C., area to $456,300 in the San Francisco-Oakland-Fremont area. The second most expensive condo market reported was the New York-Wayne-White Plains area of New York and New Jersey at $324,000, followed by Honolulu at $322,000. Other affordable condo markets include the Indianapolis area at $113,500 and the Cincinnati-Middletown area of Ohio, Kentucky and Indiana, at $117,300 in the third quarter. Market Snapshot by Region Here’s how existing-home sales fared across the country:
ORLANDO Real Estate., Nov. 18, 2008 – Sales of existing single-family homes in Florida rose 5 percent in third quarter 2008 compared to the same period last year, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 33,203 existing homes sold statewide in 3Q 2008; during the same period last year, a total of 31,558 existing homes sold statewide. “Coming on the heels of positive sales activity in September, Florida’s existing home sales are once again above year-ago levels in the third quarter,” says 2008 FAR President Chuck Bonfiglio. “Despite lending restrictions and the difficulties of finding affordable credit, we’re seeing buyers take advantage of homeownership opportunities in the current market – buyers who want to make a long-term investment in their future. And, more than ever, people are turning to Florida Realtors to find the professional expertise, knowledge and friendly guidance they need to make the complex process of buying or selling their home go more easily and smoothly.” The statewide existing-home median sales price was $185,400 in the third quarter; a year ago, it was $233,200 for a decrease of 20 percent. In 2003, the third-quarter statewide median sales price was $163,700, which reflects an increase of about 13.3 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less. Twelve of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year ago, while seven MSAs also showed gains in condo sales. A number of local markets have reported increased sales activity over the past few months, according to FAR. Florida Realtors continued to report positive signs for the state’s housing sector in the third quarter, including an increase in pending home sales (based on contracts signed but not closed) and a slower rate of expansion of inventory levels in some areas. 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. According to the third quarter 2008 survey, the investment outlook for various types of properties remains steady. “People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest,” said Dr. Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.” Over the long term, Florida stands to benefit from the migration of new residents, particularly as baby boomers age, Archer said, adding that the Sunshine State’s mild climate and outdoor amenities continue to make it an attractive retirement destination. In the year-to-year quarterly comparison for condo sales, 9,472 units sold statewide for the quarter compared to 9,680 in 3Q 2007 for a 2 percent decrease. The statewide existing-condo median sales price was $160,000 for the three-month period; in 3Q 2007, it was $196,000 for an 18 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 6.32 percent in third quarter 2008; one year earlier, it averaged 6.55 percent. The latest industry outlook from the National Association of Realtors® (NAR) cautions the housing sector likely faces disruptions from the still-stabilizing credit market. “Inventory remains high, and price declines are pressuring owners,” said NAR Chief Economist Lawrence Yun. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.” © 2008 FLORIDA ASSOCIATION OF REALTORS Central Florida Sold Listings year to date 4 counties – 15529 Central Florida Sold listings same time period last year – 18775 Orange County Florida Active Listings – 15430 Pending Listings – 2303 Seminole County Florida Active Listings – 4712 Pending Listings – 526 Osceola County Florida Active Listings – 6126 Pending Listings – 813 Lake County Florida Active Listings – 5633 Pending Listings – 534 WASHINGTON – Nov. 13, 2008 – Good Faith Estimates will be standardized effective Jan. 1, 2010, under rules issued by the U.S. Department of Housing and Urban Development (HUD) yesterday. The change, HUD says, will save consumers $700 at the closing table by making it easier to compare mortgage offers from competing banks.
“It has been a long road, but today we can finally announce a better way to buy homes in America,” says HUD Secretary Steve Preston. “Consumers need and deserve to know what they’re getting themselves into before they sign on the dotted line. After carefully considering the concerns of consumers and the different businesses in the housing sector, we have developed an approach that empowers the average family to shop for the most appropriate loan to meet their needs.” Last March, HUD proposed reforms to the longstanding regulatory requirements of the Real Estate Settlement Procedures Act (RESPA), and last May, HUD extended the rule’s comment period. HUD received approximately 12,000 comment letters following the proposal of its new RESPA rule. In considering those comments, HUD says it made considerable modifications. For example, HUD originally proposed that settlement agents read a closing script at the closing table and that a copy be provided to borrowers. HUD ultimately discarded the script in favor of a new page on the HUD-1 Settlement Statement that allows consumers to compare their final loan terms and closing costs with those listed on their Good Faith Estimate. The new Good Faith Estimate should clearly answer the following consumer concerns: • What’s the term of the loan? To view the new standardized GFE and HUD-1documents, click on the following links: New Good Faith Estimate: http://www.hud.gov/utilities/intercept.cfm?/content/releases/goodfaithestimate.pdf © 2008 FLORIDA ASSOCIATION OF REALTORS® Orlando Florida home sales are up as prices are down - Osceola County for the second month leads the Orlando area in increased sales activity. Sales in that county jumped an impressive 47.26 percent in October 2008 compared to October 2007; last month, the comparison increase was an astonishing 77.38 percent. Throughout the entire area, members of the Orlando Regional Realtor® Association were involved in the sale of 10.00 percent more homes in October of this year than last: 1,199 to 1,090. The median sales price of those homes sold in October declined by 24.26 percent to $178,000 when compared October 2007’s median price of $235,000. The number of pending sales, considered by housing economists to be a reliable predicator of future sales activity, continued its upward trend to 3,316. There are 72.43 percent more homes under contract (3,316) this month than compared to October 2007 (1,923), and those anticipated closings are expected to continue shortening the current year-to-date sales gap of -16.01 percent by year end. While there was a decrease in the median price in October, which typically results in an increased affordability index, this month’s increase in the interest rate actually drove the Orlando affordability index down slightly to 122.68 percent. (The area’s affordability index is nevertheless excellent: An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,905 can qualify to purchase one of 13,166 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $218,377 or less. The first time homebuyer affordability index decreased slightly to 87.24 percent from September’s 87.99 percent. The area’s average interest rate was 6.30 percent in October 2008, up from 6.00 in September yet down from 6.39 percent in August. Homes of all types spent an average of 111 days on the market before being sold in October 2008, and the average home sold for 93.08 percent of its listing price (a decrease from September 2008’s 94.38 percent). In October 2007 those numbers were 111 and 93.97 percent, respectively. The majority of single-family homes (173) that changed hands in October 2008 were sold in the $200,000 – $250,000 price range; another 115 homes sold in October in both the $140,000 – $160,000 category and the $160,000 – $180,000 category. Five hundred forty homes sold for less than $200,000 in October, and 177 sold for more than $300,000. On the far ends of the scale, eight homes were sold for $1 million or more (yet again the least this year) while 28 homes sold for less than $50,000 (yet again the most this year). Orlando Housing Inventory There are currently 24,657 homes available for purchase through the MLS. Inventory decreased by 33 homes from October, which means that 33 more homes left the market than entered the market. Compared to last year, the October 2008 inventory level is 6.35 percent lower than it was in October 2007 (26,330). The inventory level reflects a 20.56-month supply at the current pace of sales, which is up from the 17.71-month supply recorded in September. Altogether, inventory months-of-supply has declined 64.98 percent since January 2008. There are 18,127 single-family homes currently listed in the MLS, a number that is 1,544 (7.85 percent) less than this time last year. As usual most (2,875) are listed in the $200,000 – $250,000 price range. Condos currently make up 4,365 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,165. Most condos (542) are priced at $100,000 – $120,000. The majority of duplexes/town homes/villas (347) are listed in the $200,000 – $250,000 price category. Orlando Condos and Town Homes, Duplexes & Villas The sales of condos in the Orlando area for the second month saw a slight month-over-month increase: A total of 120 condos changed hands in October of this year compared to 117 in October of last year for an improvement of 2.56 percent. Year to date, condo sales are down 37.77 percent, with 1,183 condos sold so far in 2008 compared to 1,901 sold through the same time in 2007. In October, the most (17) condos that changed hands were in the $100,000 – $120,000 price category. Fourteen condos sold for less than $50,000 in October, the most in a single month this year. Orlando homebuyers purchased 95 duplexes, town homes, and villas in October 2008, which is a 1.06 percent increase from October 2007 when 94 of these alternative housing types were purchased (in September, the month-over-month increase was a whopping 70.31 percent). Year-to-date, duplex, town home, and villa sales are down 12.31 percent. The majority (17) of duplexes, town homes, and villas sold in October 2008 fell into the $120,000 – $140,000 price category, while another 16 sold in the $200,000 – $250,000 range. Orlando Area Housing Numbers Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were up by 15.04 percent when compared to October of last year. Throughout the entire MSA, 1,545 homes were sold in October 2008 compared with 1,343 in October 2007. Year to date, sales in the MSA are down by 14.79 percent, with 14,949 homes sold far in 2008 compared to 17,544 sold through October 2007. Seminole County’s October 2008 sales decreased 0.78 percent over that of October 2007 (256 to 258), while Orange County increased 12.63 percent (731 to 649). Lake County saw an 11.49 percent improvement in the number of sales in October 2008 compared to October 2007 (262 to 235), and Osceola County again experienced an impressive monthly increase: 47.26 percent increase (296 to 201). Each county’s year-to-date sales comparisons are as follows: Lake: 8.00 percent below 2007 (2,507 homes sold to date in 2008 compared to 2,725 in 2007); Sold Listings year to date 4 counties – 15417 Sold listings same time period last year – 18702 Orange County Florida Active Listings – 15375 Pending Listings – 2285 Seminole County Florida Active Listings – 4693 Pending Listings – 521 Osceola County Florida Active Listings – 6112 Pending Listings – 784 Lake County Florida Active Listings – 5629 Pending Listings – 529 Sold Listings year to date 4 counties – 15323 Sold listings same time period last year – 18675 Orange County Florida Active Listings – 15376 Pending Listings – 2253 Seminole County Florida Active Listings – 4676 Pending Listings – 520 Osceola County Florida Active Listings – 6118 Pending Listings – 783 Lake County Florida Active Listings – 5607 Pending Listings – 530 Sold Listings year to date 4 counties – 15064 Sold listings same time period last year – 18468 Orange County Florida Active Listings – 15389 Pending Listings – 2205 Seminole County Florida Active Listings – 4714 Pending Listings – 522 Osceola County Florida Active Listings – 6055 Pending Listings – 770 Lake County Florida Active Listings – 5589 Pending Listings – 543 |
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