ORLANDO, Fla., July 22, 2010 – Sales of existing homes in Florida rose 15 percent in June, marking 22 consecutive months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

A total of 18,038 single-family existing homes sold statewide last month compared to 15,732 homes sold in June 2009, according to Florida Realtors. June’s statewide existing home sales increased 7.7 percent over statewide sales activity in May. Meanwhile, last month’s statewide existing-home median price of $143,400 was 2.1 percent higher than May’s statewide existing-home median price of $140,400. It marks the fourth month in a row that the statewide existing-home median price has increased over the previous month’s median.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in June, while 16 MSAs posted increased existing condo sales. A majority of the state’s MSAs have reported increased sales for 24 consecutive months.

Florida’s median sales price for existing homes last month was $143,400; a year ago, it was $147,700 for a decrease of 3 percent. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in May 2010 was $179,400, up 2.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $324,430 in May; in Massachusetts, it was $299,000; in Maryland, it was $249,177; and in New York, it was $194,900.

More jobs are key to the continued recovery of the housing market, according to NAR’s latest industry outlook. “If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,” said NAR Chief Economist Lawrence Yun. “We’ll also keep a close eye on market conditions on the Gulf Coast.”

In Florida’s year-to-year comparison for condos, 6,916 units sold statewide last month compared to 5,215 units in June 2009 for an increase of 33 percent. The statewide existing condo median sales price last month was $95,000; in June 2009 it was $112,800 for a 16 percent decrease. The national median existing condo price was $181,300 in May, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.74 percent in June, down from the 5.42 percent averaged during June 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Tampa-St. Petersburg-Clearwater MSA reported a total of 3,226 homes sold in June compared to 2,848 homes a year earlier for a 13 percent increase. The market’s existing home median sales price was $138,400; a year earlier it was $139,400 for a decrease of 1 percent. A total of 912 condos sold in the MSA in June compared to 671 units sold in June 2009 for an increase of 36 percent. The existing condo median price was $99,100; a year earlier, it was $113,300 for a decrease of 13 percent.

© 2010 Florida Realtors®

June 2010 existing-home sales fell 5.1% to a seasonally adjusted annual rate of 5.37 million units, according to the National Association of Realtors®.

The existing-home sales of single-family, townhomes, condominiums and co-ops fell, but were 9.8% higher than the 4.89 million-unit pace in June 2009.

“June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” said Lawrence Yun, NAR chief economist.

The national median existing-home price was $183,000 in June, at 1.0% higher than a year ago. The Northeast median price was $244,300, down 1.2% from last year. Midwest existing sales was down 0.1% from 2009. The median West price was $221,800, which rose 1.5% from June 2009.

The amount of new housing starts in June decreased 5% from May, according to the Commerce Department. In contrast, building permits increased 2.1%, giving hope for future housing start numbers.

Privately-owned housing starts in June dropped to a seasonally adjusted rate of 549,000, 5% below 578,000 in May. The new construction starts were also 5.8% below the June 2009 rate of 583,000.

The 5% drop was more than forecasted, bringing housing starts to their lowest level since October 2009, said The Wall Street Journal.

In contrast, building permits for privately-owned housing units were at a rate of 586,000, 2% above May’s rate of 574,000.

Single-family housing starts in June went virtually unchanged with a 0.7% drop below May’s figure, from 454,000 to 457,000. However, single-family authorizations in June were 3.4% below May’s figures.

With the homebuyer tax credit expiring, pending home sales fell. This index, released by the National Association of Realtors (NAR), dropped 30% to 77.6 based on contracts signed in May.

This index compares to 110.9 in April and is 15.9% lower than May 2009 when it was 92.3. This information reflects contracts and not closings. The number of buyers who signed contracts to purchase homes dropped to a new low in May following a rush of purchases to meet an April 30 tax credit deadline, said the NAR.

The expiration of the homebuyer tax credit also aided in the continuing decline of stocks, reported the Associated Press. Home sales fell to a record low in May following the expiration of a tax credit.

NAR chief economist, Lawrence Yun, said “Consumers are rational and they rushed to meet the tax credit eligibility deadline in April. The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June.”

For more information, see Pending Home Sales Drop as Expected.