Interest Rate Roundup

Monday, July 16, 2007

An early look at June home sales in South FL

Waiting for the "official" Florida Association of Realtors' figures on June existing home sales? Me, too. Until then, let me give you an early peek at sales here in South Florida. A local real estate brokerage, Illustrated Properties, posts data on for-sale inventory, sales, and prices a few days before the official figures come out. The data never lines up precisely, but the general trends are pretty similar.

Anyway, the June figures (available here) that were just posted look pretty awful -- like the May numbers a month earlier. According to IPRE ...

* Sales plunged 69% from a year earlier -- to 710 units in June 2007 from 2,294 in the same month of 2006. That was also down ever so slightly from the May 2007 reading of 720.

* For-sale inventory rose 11.9% YOY to 24,830 from 22,194 a year ago. That's down a few units from the cycle peak of 24,852 in May 2007. At the current sales pace, that's good for 35 months worth of inventory. No surprise, then, that ...

* Median home prices dropped 4.3% YOY to $292,000 from $305,000.

Still waiting on that recovery ...


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