Melbourne Area Blog

Existing-homes sales in Brevard County jumped 15% in August from the previous year while prices continued to slide, according to figures released this morning by the Florida Association of Realtors.

The median home price fell to $155,500 in August from $202,800 a year earlier, a drop of 23 percent. The median price in July was $152,600.

The median price is the point at which half the homes sell for more, half for less.

Statewide, the Florida Association of Realtors reported a 4-percent drop in home sales and a 20-percent decline — to $186,900 — in median sales price.

“Despite economic uncertainty and the start of the school year, which impacts August home sales, a number of Florida’s metro areas continue to report an upswing in housing activity,” Chuck Bonfiglio, the current president of the Florida Association of Realtors said in a statement.

“Florida Realtors are noticing signs that investors think the market has reached bottom in many areas, and they are preparing to jump in while prices remain below value,” he said. “Industry analysts hope that the federal government’s financial rescue plan will boost the housing market and help restore confidence.”

The National Association of Realtors said Wednesday that sales fell 2.2 percent to a seasonally adjusted annual rate of 4.91 million units, from an upwardly revised pace of 5.02 million in July. Sales had been expected to fall by 1.6 percent, according to economists surveyed by Thomson/IFR.

Median prices fell 9.5 percent from a year ago to $203,100, the largest price decline on records dating to 1999.

July sales were also up compared to a year ago. Increased sales two months in a row.... usually mid-July begins our slower season for home sales... the market may be ready to turn!