Jacksonville and Florida Mortgage Activity Slows in November

Previously, we reported on the future of the Florida housing market.

But what about the present?

The slowdown demand for home loans in the state intensified in November, both around Jacksonville and across the state, as home sales dropped sharply and median prices stayed flat.

The number of single-family existing homes sold in the city last month dropped 19 percent compared with November of 2005. The median price of those homes was $182,000, down $200 from the same time last year. Still, plans for affordable housing in Jacksonville are underway.
The drop in sales in Northeast Florida was less dramatic than in the rest of the state.

Sales were down in 18 of the 20 markets tracked by FAR, with the only increases being in Ocala (1 percent) and Sarasota (2 percent). Statewide sales were down 30 percent from last November, as Florida mortgage demand isn’t very strong this time of year typically.
The statewide median price was down 3 percent to $242,500, with the median price dropping in 13 of the 20 markets.

Sales of existing condominiums were also down locally and statewide. In Jacksonville, sales were off 55 percent and the median price was down 4 percent to $167,100. Those numbers do not include figures from the St. Augustine & St. Johns County Board of Realtors.

Across the state, sales were down 36 percent and the median price of $206,000 was down 4 percent.