Florida Housing Bubble 'Wobbles' In February
The Florida realtors have their February numbers out. "Rising inventory levels and still-low mortgage rates 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-pace sales. Statewide, sales of single-family existing homes totaled 13,539 in February compared to 16,916 homes a year ago, for a 20 percent decrease."
"Sales of existing condominiums in Florida also decreased last month, with a total of 4,342 condos sold statewide compared to 5,643 in February 2005 for a 23 percent decline."
"South Florida home prices wobbled in February. Prices for existing single-family homes in Miami-Dade were up 19 percent on a year-to-year basis but continued to drop on a month-to-month basis, for the third consecutive month. The median price of a single-family home in Miami-Dade now stands at $368,700."
"Similarly, Broward single-family home prices were up compared to February last year but down compared to the previous month. A median priced single-family home is now $360,800, in January it was $370,500."
"In recent months the inventory of homes for sale has increased dramatically. Some say this is a so-called soft landing from the markets record highs. Others worry the market, particularly South Florida's condo market, is cooling and poised for price declines." The associations November numbers show the Miami SFH median at $381,600.
And this link has some tables at the bottom from which the following was drawn. YOY Percentage sales volume declines:
SFH/Condos
-24%, -50%..Daytona Beach
-25%, -27%..Fort Lauderdale
-9%, -44%..Fort Myers-Cape Coral
+6%, -38%..Fort Pierce-Port St. Lucie
-21%, -48%..Fort Walton Beach
-6%, +35%..Gainesville
-1%, na....Jacksonville
-11%, -38%..Lakeland-Winter Haven
-36%, -64%..Melbourne-Titusville-Palm Bay
-21%, -20%..Miami
-47%, -50%..Naples
-3%, na....Ocala
-16%, +95%..Orlando
-32%, -56%..Panama City
-20%, +8%..Pensacola
-16%, -90%..Punta Gorda
-42%, -44%..Sarasota-Bradenton
+11%, -35%..Tallahassee
-29%, -10%..Tampa-St. Petersburg-Clearwater
-22%, -14%..West Palm Beach-Boca Raton