May Numbers Show a Surprise!
posted by WeKnowBrevard Blog @ 8:20am, Wednesday 24 June 2009.
I have been seeing the signs for a month or so. First, sales YTY are up. Listings to contracts up over 40%. Contracts to closing up over 25%. Listing inventory county wide is down....below 5000 units. This is the lowest inventory that I've seen. So why wasn't I optimistic that the housing market had turned around??? Because the pricing was still declining state wide. After reading Dr Snaith's information below, I think it might be time to get a little more optimistic.
Florida’s existing home sales rose in May – the ninth month in a row that sales activity increased in the year-to-year comparison.
“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida. What is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned. Until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”
Keep you fingers crossed...maybe we are starting to see the light.
Rounding Third and Heading Home!
Comments
Submit Your Comment
You are not logged in.