Tampa Real Estate Market Update – Existing Home Sales July

Tampa Real Estate Market/National Real Estate Market

This morning we received Sales of Existing Homes for the 2nd quarter.  The numbers came in at an annual adjusted rate of 4.76 Million up 4% from 4.58 million in the first quarter, but down 16% from a year ago according to the National Association of Relators.  On a price front in the Tampa Real Estate Market we saw a continued decrease in median selling price for existing homes from $173K in 2nd qtr 2008 to $140K in 2nd qtr 2009, however we saw an increase in price from 1st qtr 2009 to 2nd qtr 2009 of $5K. 

Once again these numbers confirm our analysis back in our April press release where we had called a bottom in the housing market.  It should however be noted that a significant # of these properties 36% were from foreclosures and short sales, with Florida having one of the biggest inventories for Foreclosures/Short-Sales

Tampa Real Estate Market View 7/23/2009 – Existing Home Sales

This morning we received Sales of Existing Homes for the month of June.  The number came in at an annual adjusted rate of 4.89 Million with a consensus estimate of 4.85M.  While this was a modest gain from the estimates it is the third straight month that sales of existing homes have increased and it is at the highlest level since October.  Once again this confirms out analysis back in the April-May timeframe where we had called a bottom in the housing market.  It should however be noted that a significant # of these properties tend to be in the lower priced range and a continued watch on overall days on market, inventory and price will be necessary.

Real Estate Market View 5/28/2009 – Florida Home Trend

A small trend is forming in existing home sales in Florida.  We have reached the eighth consecutive month where sales activity have increased year over year.  In April we saw the following for Florida

Existing Single Family Home Sales 18% increase (yoy)

Existing Condo Sales 21% increase (yoy)

On the alternative side we continue to see a decrease in sales price for existing single family homes with a 31% decrease (yoy) and condos prices a 41% decrease (yoy)

On the National front the pace of sales for existing single family homes creeped up slightly in April from March by 2.9%.  However, as has been the case, prices continue to drop nationally as well, with latest S&P/Case-Shiller Index showing home prices dropping 18.7% in March.  While this number is still negative it is slightly slowing from prior months.

In summary the best measurement at this point is inventory on the market.  The more we can reduce the inventory on-hand the quicker we should see a substantial and sustainable recovery.

On a side not 30 year fixed rate loans are beginning to slightly creep back up from their historic lows.

As mentioned in prior posting the bottom in the market is and the time to buy is now!