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