Florida's Existing Home Sales Slower in November 2007.

ORLANDO, Fla., Dec. 31 /PRNewswire/ -- Mortgage financing issues and higher levels of inventory continue to impact Florida's housing sector in November. Statewide, sales of existing single-family homes totaled 8,106 last month while 11,609 homes sold in November 2006 for a decrease of 30 percent in the year-to-year comparison, according to the Florida Association of Realtors(R) (FAR).

The latest market outlook from the National Association of Realtors'(R) (NAR) predicts that conditions for the mortgage industry will continue to improve in the next few months; however, home sales will continue to reflect disruptions caused by the credit crunch for some time. Keeping the current housing market in perspective, NAR Senior Economist Lawrence Yun says that 2007 will be the fifth highest year on record for existing-home sales. "Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels," he says.

Florida's median sales price for existing single-family homes last month was $215,800; a year ago, it was $239,800 for a 10 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In November 2002, the statewide median sales price for single-family homes was $141,500, for an increase of 52.5 percent over the five-year-period, according to FAR records.

The national median sales price for existing single-family homes in October 2007 was $205,700, down 6.3 percent from a year ago, according to NAR. In California, the statewide median resales price was $497,110 in October; in Massachusetts, it was $330,000; in Maryland, it was $295,116; and in New York, it was $219,250.…