Interest Rate Roundup

Friday, August 17, 2007

This month's early home sales heads up for South FL

We're still waiting for the "official" Florida Association of Realtors' figures on July existing home sales. But as I've pointed out in previous months, a local real estate brokerage here in South Florida, Illustrated Properties, posts local 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 July figures (available here) show:

* Sales dropped 31.8% from a year earlier -- to 593 units in July from 869 in July 2006.

* For-sale inventory rose 7.8% YOY to 24,024 units from 22,295. At the current sales pace, that's good for about 38 months worth of inventory.

* The median home price dropped 5.8% YOY to $292,000 from $310,000.

We're now exiting the peak spring home selling season, and things still look weak. If you're trying to sell in this market, you have to be realistic and price your property right.


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