Existing Homes Sales in Florida Steadily Increase
Posted on January 4th, 2010 by
Lynn Titus
According to the latest housing data released by Florida Realtors®, existing home sales in Florida rose in November marking 15 months that sales activity has increased. Existing home sales rose 61 percent in November with a total of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008. Statewide sales of existing condos increased 111 percent compared to those in November 2008.
The federal homebuyer tax credit program not only includes first time homebuyers, but has expanded to include some current homeowners. This program will continue to help the housing market recover by decreasing the amount of inventory which in turn will stabilize home prices.
While sales have continued to increase, the median sales price for existing homes in Florida last month was $139,000 compared to $158,200 a year ago. This 12 percent decrease is continued good news for home buyers. The decrease in values can also be attributed to the sale of distressed properties and foreclosures that distort the average sales price. Continued low interest rates also are playing a role in home sales. Rates for a 30-year fixed-rate mortgage averaged 4.88 percent in November. In November 2008 the average rate was 6.09 percent. With the low interest rates, expanded federal tax credit program, desirable home prices, and increased consumer confidence the outlook is certainly a positive one for homebuyers and those looking to sell.
Palm Bay - Melbourne - Titusville Identified by Forbes as #18 Best Bang for the Buck Cities
Posted on December 10th, 2009 by
Lynn Titus
Location, location, location! Wow, another endorsement for homeownership in Brevard County! Back in August I blogged about Melbourne Beach being ranked #6 out of the Top 20 Best Neighborhoods to Retire. Now, Forbes.com has listed the Palm Bay-Melbourne-Titusville Metro area #18 out of the top 100 Best Bang For the Buck Cities. When collecting their statistics for the list, Forbes looked at a number of factors including vacancies, unemployment rates, a three-year job growth forecast, a three year home price forecast, housing affordability, and median travel time to work. They then located healthy housing markets by looking at metros where foreclosures were no longer a big part of the local market signaling a potential bottoming out. While Florida has generally been a state negatively affected by the subprime loan debacle along with the home building and buying craze, this area along the Space Coast is the only metro area in Florida to make the top 20 list. Reasons for this endorsement are its affordability and convenience (it ranks #7 on the home price index, and #10 for travel time to work). All these factors point to a bounce back in the next three years according to Moody's Investor Services, which performed a three year forecast on markets that economists thought would improve most in the near future. So, what are you waiting for? If you are looking for a desirable place to retire or relocate, pay us a visit and see what all the talk is about. If you currently live in the area, this is good news for those contemplating the purchase of their first home. For those thinking about upsizing or downsizing, this too is an excellent sign that the time may be right to make that move.
