California is not alone. Florida just reported their existing home sales rose in May – the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month's figure. (Read more about "the perfect storm" in housing below….)
Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April's statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.
"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." (Read Housing Hits Bottom)
Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in May and 13 MSAs also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 11 consecutive months.
Florida's median sales price for existing homes last month was $144,400; a year ago, it was $203,800 for a 29 percent decrease. However, the statewide existing home median price in May was higher than the statewide median price reported in each of the previous four months.
The national median sales price for existing single-family homes in April 2009 was $169,800, down 14.9 percent from a year earlier, according to NAR. In California, the statewide median resales price was $256,700 in April; in Massachusetts, it was $275,000; in Maryland, it was $255,587; and in New York, it was $185,000.
According to NAR's latest housing industry outlook (Read Existing Home Sales Up Two Months in a Row), buyers are responding to favorable market conditions. "Now the $8,000 first-time buyer tax credit is beginning to impact the market," said NAR Chief Economist Lawrence Yun. "Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers." Many homebuyers are taking advantage of the bargain prices offered on foreclosed listings in states like Florida, California and Nevada, Yun noted, which should "set the stage for healthy market conditions going forward."
More on California Comeback Here:
So Cal Home Prices Up 1st Time Since 2007
California Home Price Bottom?
No. California Home Sales Up 7th Month
So. California Home Sales Up 9th Month in a Row
To see two charts showing statistics for Florida and the state's MSAs CLICK HERE. One chart compares the volume of existing, single-family home sales and median sales prices in May 2009 to May 2008 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices May 2009 to May 2008 based on Realtor transactions.
When I speak of "the perfect storm" for todays housing market, what I am seeing is a large backlog of foreclosures working their way into the system now that the moratorium is lifted; at the same time I see a surge in loan modifications from both the Fed and many states requiring lenders to do more before foreclosing – stalling new foreclosure filings; and first time buyers jumping in to grab once in a lifetime deals with 3.5% down from FHA financing and $8000 tax credit (lapsing November 30). As an investor, it doesn't get any better than this…. where we can buy super cheap from motivated seller AND sell quickly from eager buyers.
Now you just need to know how to capitalize on this… I am happy to show you. Join me and my Guest Panelists on Tuesday, June 30th, for my Free Foreclosure Investor Webinar and Conference Call at 6pm PDT, 9pm EST. You must register in advance as my conference provider limits our free space. Details Here or 800-310-7730 x2.
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