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!