Florida Market Seen Softening.

Orlando, FL -- Rising inventory levels and still-low mortgage rates have continued to affect Florida's housing market, which is adjusting to a better balance between buyers and sellers following a five-year run of record sales.

Statewide, sales of single-family existing homes totaled 13,539 in February, compared to 16,916 homes a year ago, for a 20% decrease, according to the Florida Association of Realtors.

Realtors from across the state reported that the supply of homes available for sale in their markets is improving, offering buyers more housing opportunities. The statewide median price for single-family existing homes in February was $244,200, up 24% from the February 2005 statewide median of $197,700.

In February 2001, the statewide median sales price was $118,200, which shows an increase of about 106% over the five-year period, according to FAR records.

Sales of existing condominiums in Florida also decreased in February, with a total of 4,342 condos sold statewide compared to 5,643 in February 2005 for a 23% decline, according to FAR. The statewide median sales price for condos rose 11% to $218,700 in February. A year ago, it was $197,000. The national median existing condo price was $216,900 in January 2006.

Along with the University of Florida Real Estate Research Center, the Florida Association of Realtors began compiling data on closed condo sales for comparison purposes in 2005. The condo data series began in January 2006.

Favorable mortgage rates continued to spark buyers' interest in markets across the state. In February, interest rates for a 30-year fixed-rate mortgage averaged 6.25%, up from the 5.63% average rate in February 2005.