Florida Existing Home Sales May

Tampa Real Estate Market/National Real Estate Market

Florida Existing Home sales for the month of May were up 18%.  The numbers came in at 16.745 homes sold from 14,172  in May of 2009.  From a sales price perspective the median sales price was $140,400, which was up from April’s number of 141,100, marking the third month over month increase  this year.

National Sales of Existing Home (Single-Family & Condo) for the month of May.  The numbers came in at an annual adjusted rate of 5.66 million up 2.2% from an upwardly revised level of 5.79 million in April.  However, this decrease was still 19.2% better than the 4.75 million units in May of 2009.

Our Perspective:  We have had a reevaluation of the current market situation.  We have turned cautious in our outlook for the Summer Buying Season.  While individuals are still purchasing, we have concerns that with the continued high unemployment rate, weakening stock market and higher future inventories (due to short sales and REO’s), the real estate market is looking cloudy.  We will not know until mid July how things are progressing, so a cautious outlook we have taken.