Volusia, Flagler home sales pick up - Daytona Beach News-Journal

Buyers purchased 766 previously owned single-family homes in the two-county area last month, compared to 662 in July 2010, according to Florida Realtors association. Realtors Of the area homes sold in July, 588 were in Volusia County, up 8 percent from a year ago, and 178 were in Flagler County, a year-over-year increase of nearly 51 percent. Local Realtors attribute the rise to low prices and mortgage loan rates, as well as banks executing short sales faster. July marked the sixth year-over-year increase in the past seven months, reversing a series of declines from late last year following the expiration of the federal homebuyers tax credit program. The median price for single-family homes sold last month in the Volusia-Flagler area was $112,400, an 8 percent decline from the median price of $122,500 in July 2010. The median means equal numbers were higher and lower than that amount. Statewide, home sales increased 12 percent to 15,517 in July, compared to 13,874 a year ago. The median sales price fell 1 percent to $136,500, from $137,700 in July 2010. While purchase prices and mortgage loan rates are extremely low, potential buyers are still holding back because of economic fears and uncertainty and tight credit rules, said Lawrence Yun, chief economist for the NAR. In the Volusia-Flagler area, condominium sales declined 8 percent to 165 units in July, compared with 180 a year ago. The median price for condo units sold locally last month was $152,500, a 28 percent hike from $119,400 a year ago. It's the third consecutive month of a median sales price increase across the region and the first time in 18 months that the median sale price topped $150,000. Value is the key with condo sales, area Realtors said. While the median price is climbing, condo buyers are still paying less than what the same units sold for a couple years ago, Leitschuh said. It's the best they're going to see in their lifetime and they're pulling the trigger," said Darden, a Real Estate agent with Watson Realty Corp. Statewide, condo sales rose 12 percent to 6,619 from 5,904 a year ago. The median sales price rose 4 percent to $90,000 from $87,800.