Tampa Real Estate Market Update – Existing Home Sales Sept 09

Tampa Real Estate Market/National Real Estate Market

Sales of Existing Homes (Single-Family & Condo) for the month of August.  The numbers came in at an annual adjusted rate of 5.10 Million down 2.7% from a level of 5.24 million in July.  The July numbers come in about 3.4% above the 4.93 million units sold in August 2008.  In summary this is the first down dip in the previous 4 months, where we saw four consecutive months of increasing existing home sales. 

Our Perspective: As we stated last month and it seems to be coming true, these are all positive signs.  At the same time we think that the numbers will continue to contract going into the winter months when housing tends to subside from a torrent summer pace.

On a price standpoint we have seen Single-Family home prices decrease on a National basis of (2.3%) from July 2009 to August 2009 and (12.1%) from a year ago.  Sale price of Condo’s on a National basis were basically flat from July 2009 to August 2009 and down (15.7%) from a year ago.

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