Florida Median Price of Home Slides in November

Florida's single-family existing home sales dipped again in November and the median sales price slipped 3 percent, the Florida Association of Realtors reported today.

The 11,912 homes that sold statewide was down 30 percent from November 2005, about 1,000 fewer homes than changed hands in October, according to the preliminary survey totals. The median price -- half sold for less and half for more -- was $242,500, down from $250,400 a year ago.

The weakest metro area was Naples, with a 45 percent plunge in sales and the median falling 13 percent to $415,200. Metro Orlando sales also were weaker than the statewide average, down 36 percent to 1,705 homes sold. The median price was relatively flat, up 4 percent to $263,600.

A separate report by the National Association of Realtors today showed a slight rebound in home sales nationwide, adding to October's gains and suggesting a turn in the market.

Total existing home sales including condos rose 0.6 percent nationally to a seasonally adjusted rate of 6.28 million from 6.24 million in October.

But that was still 10.7 percent below the 7.03 million unit pace in November 2005.But the NAB report showed price of homes sold fell for a record fourth consecutive month.

The slight increases in sales were not enough to halt a slide in home prices. The median price for an existing home sold in November dropped to $218,000, down 3.1 percent from the price a year ago. It was the first time on record that sales prices compared to a year ago have fallen for four straight months. Courtesy of Orlando Sentinel 12/28/06.