MAY 31ST, 2023

Florida Mortgages

The state of Florida has long been a vacation and retirement favorite, but more and more people are choosing to move to Florida to enjoy the lifestyle year round. There is no lack of homes in Florida either, the 2002 US census information states that there were 7,624,378 total housing units. That was four years ago and the housing market has been doing a lot of growing since then. Buying a home in Florida is easier than in some other states, as the 2000 census declared that median value of a home in Florida is $105,500, which is several thousand dollars less than the national average of $119,600. The home ownership rate reflects the attractive home purchasing opportunities in Florida, as the state enjoys a home ownership rate of 70.1%, as opposed to the national average of 66.2%. This is despite the fact that the average family household in Florida takes in less than the national average. Although the median household income in Florida isn’t that far below the national average, sitting at $38,819 instead of $41,994. This has not seemed to tarnish the dream of home ownership in Florida, and the housing market is looking to slow.

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In first quarter of 2006, the housing sector in Florida followed the national trend. This trend consisted of demonstrating signs of a market that was adjusting to rising mortgage rates, higher inventory levels and a cleaner balance between buyers and sellers. Statewide sales of single family homes totaled 45,864 during the three month period. This equals a decrease of 20 percent compared to 57,532 homes sold during the same quarter a year ago.

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The statewide realtor-estimated, home median sales price rose 20 percent to reach $248,000 in the first quarter; a year ago, it was $206,700. In 2001, the first-quarter statewide median sales price was generally agreed to be around $119,500. That price rise indicates an increase of about 107.5 percent over the five-year period.
The latest economic outlook from the National Association of Realtors states that while the housing industry is adjusting, it should experience its third best year in 2006. This will be a boon to the market, with job creation and a growing economy displacing some of the effects of rising interest rates.

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