Homes Sales to Improve in the Second Half of 2008
April 25, 2008 3:53 pmFiled in Business Thought The latest economic information shows home prices recovering the second half of 2008 as the housing inventory is predicated to fall and the loan market stabilizes. According to Lawrence Yun Chief Economist for the National Association of Realtors, “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure”…
The chart below reflects Florida Sales for February 2008 for single-family homes and condos. The Median Sales price statewide was $198,900 down 16% from February 2007 $237,000. I expect to see a slow upward trend by the third quarter.
For Florida, it is a great time for buyers to buy real estate here because of the excess inventory, affordable interest rates and lower housing prices. Foreign investment in Florida is strong right now because of the weaker U.S. dollar. Property is significantly lower for foreign investors as compared with property prices in certain countries outside of the U.S.
With so many factors in Florida’s favor such as our strong tourism and foreign investment, our desirable climate that attracts retirees and others, increase of jobs throughout the State, including the medical and biotechnology sector, diversity of cultures, our appealing outdoor lifestyle activities, I am optimistic that our real estate market and economy will bounce back.
Sources: National Association of Realtors, Florida Association of Realtors
