S. Fla. housing sales slow as price increases level off.

S. Fla. housing sales slow as price increases level off.


South Florida's housing market continued to cool in February as sales slowed and price increases leveled off, the Florida Association of Realtors said Thursday.Nationally, sales of existing homes unexpectedly rose last month as a warmer than usual winter boosted demand in many parts of the country, but a slack demand in some areas produced what one analyst called a "tale of two cities."Existing single family home sales in Broward, Palm Beach and Miami-Dade counties were down by more than 20 percent, compared to February 2005. And median prices, while still rising, aren't increasing as they have in the past few years.Broward's median price in February was $360,800, up just 13 percent over February 2005. Palm Beach County's median rose 11 percent to $391,000, while Miami-Dade's median increased 19 percent to $368,700. The median price means half the homes sold for more, half for less.Price increases of 25 and 30 percent or more have been common in recent years.The February median prices in all three counties were down compared to January.Condominium sales in February also were down in all three counties, according to the Realtors group. The median price for a condo rose 32 percent to $216,800 in Broward and 31 percent to $220,800 in Palm Beach County. Miami-Dade's median rose just 8 percent to $266,900.Nationwide, the National Association of Realtors reported Thursday that that sales of existing single-family homes and condomiums rose by 5.2 percent in February to a seasonally adjusted annual rate of 6.91 million units.Analysts said the weather-related boost was likely to be short-lived with sales expected to slow again in coming months as rising mortgage rates further cool the housing market which has posted record sales levels for five straight years."Weather conditions across much of the country were unseasonably mild in January and likely were a factor in higher levels of buyer activity, which boosted sales that closed in February," said David Lereah, chief economist for the Realtors.Meanwhile, Orlando area's existing-home sales set another record in February, with prices leveling off but buyers and sellers still signing contracts at a brisk pace, defying predictions of a slowdown.More than 2,600 homes were sold in Metro Orlando during the month, up 4 percent from February 2005, the Orlando Regional Realtor Association reported Wednesday.Through the first two months of the year, sales are running 5 percent ahead of the same period last year, with 4,947 homes changing hands in Orange, Seminole, Lake and Osceola counties."As long as interest rates stay relatively low, we're in great shape. That's really the key," said Beverly Pindling, the regional trade group's president.The number of homes for sale in the Orlando area -- 12,966 -- was at record levels but was up fewer than 1,000 from January's total, suggesting a slowing of the stream of sellers entering the market.Still, February's inventory was more than triple the number from a year ago, which contributed to the ongoing flattening of the median sales price.The Realtors group said the median -- the price at which half the homes sold for less and half for more -- in the core market of Orange and Seminole counties was $241,250 in February, down slightly from $242,050 in January but 23 percent higher than the same month a year ago."There is more of a balance now," Pindling said, between buyers and sellers, but "we are leaning towards a buyer's market."