24
May

Florida Existing Home Sales April 2010

Tampa Real Estate Market/National Real Estate Market

Florida Existing Home sales for the month of April were up 27%.  The numbers came in at 16,781 homes sold from 13,244  in April of 2009.  From a sales price perspective the median sales price was $140,100, which was up 1% from last year, and up 2.3% from up from March’s number of 137,000

National Sales of Existing Home (Single-Family & Condo) for the month of April.  The numbers came in at an annual adjusted rate of 5.77 million up 7.6% from a level of 5.35 million in March.  However, with this increase (which was primarily due to the expiration of the tax credit) we saw a sharp surge in Inventories by 11.5%, suggesting that supply is beginning to increase again.  This increase in supply most certainly will have downward pressure on prices over the remainder of the year.

Our Perspective:  While existing home sales improved for during April from March due to the home buyer credit, we feel this will continue going into the summer months.  Summer is typically a strong selling season and we should continue to see improvements through August.  After August we will again see pricing pressures as well as sales pressue.  The # of foreclosures and short sale homes are only going to increase in our opinion, making it still a buyers market.

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