Home prices fall again in May

Existing single-family home sales in Florida increased by 3% in May 2011 relative to the prior year, but the statewide median sale price fell 5%, according to the latest data from Florida Realtors.

Home sale activity in Gulf Coast metros saw mixed outcomes. Perhaps the most encouraging result took place in the Fort Myers-Cape Coral market, where the median sale price for existing homes increased 19% over the year, from $96,900 to $114,900. But the number of properties sold decreased by 8%, to 1,338.

The median price fell in both the Sarasota-Bradenton and Tampa-St. Petersburg-Clearwater markets, with respective decreases of 8% and 11% in those locations. But while Sarasota at least enjoyed an uptick in sales (up 5%), Tampa also saw a slowdown in purchase volume, with 6% fewer homes being sold in May relative to last year.

Tampa's condo market is also showing signs of regression, as the median sale price for those properties fell 30% over the year, from $103,700 to $72,700. Prices also fell in Sarasota (down 6%, to $142,900), while Fort Myers saw a slight improvement (up 9% to $143,300).

Statewide, condo sales increased by 17% to 8,338 units, while the median condo sale price increased 2%, to $98,200.