Florida Foreclosure Listing Prices Fell 29 Percent in May
Foreclosure listing prices and pre-owned home prices in Florida declined in May by 24 percent from the same month last year, according to real estate market data in the state.
The median sales price for pre-owned homes across Florida in May was $144,400, a 29 percent decline from the $203,800 median price in May last year but higher than the median price of each of the past four months.
For the ninth straight month, sales of foreclosure listing homes and non-foreclosed pre-owned homes increased in May by nearly 16 percent to 13,921 units, compared to the 12,044 units sold during the same month last year.
Sales of foreclosure listing condos also increased in May compared to sales in May last year, with 4,839 pre-owned condos sold in May this year, representing a 21 percent rise from the 3,988 condo units during the same month last year.
The median price for pre-owned condos dropped to $113,000 in May, a 37.6 percent decline from the $181,700 median price in May last year.
In Orlando, sales of foreclosure listing homes and condos also increased in May, with sales of single-family homes reaching 1,949 units, an increase of around 31 percent from the May 2008 sales of 1,489 units.
Duplicating the price decline statewide, the median price for pre-owned homes also dropped in Orlando by 34 percent to $142,400 from the $215,500 median in May last year.
Condo resale prices in Orlando suffered the biggest drop in May, with a 60 percent drop to $49,600 from the $124,800 median in May last year. The low price level enticed a lot of buyers, pushing the sales volume to more than triple to 472 condo units compared to the 154 units in May last year.
In the Daytona metro area, sales of foreclosure listing homes and other pre-owned homes increased by 7.6 percent to 653 units, compared to the sales of 607 units in May last year. The median sales price dropped by almost 22 percent to $136,100 from the $174,100 median in May 2008.
Sales of pre-owned condos increased in May by 67 percent to 139 units, compared to the May 2008 sales of 83 condo units. The median sales price for condos dropped by nearly 21 percent to $191,300.
The Florida housing market continues to be attractive to home buyers because of low foreclosure listing prices and large inventories of previously owned properties still available.
