Florida's Existing Home Sales and Existing Condo Sales Continue to Improve.

David Craven — Thu, 21 Apr 2011 14:50:00 GMT

Florida's existing home sales and existing condo sales rose in March 2011 over the year earlier results.The existing home sales in Florida for March were up 12% over 2010 results and the existing condo sales were up 24% over March 2010. This is the fourth consecutive month in Florida that the sales of existing homes and existing condos have shown an improvement over the year earlier results. Existing homes sales is a measure of completed transactions that includes single family homes, condominiums, townhomes, and co-ops.

The National Association of REALTORS announced on April 20, 2011 that the sales of existing homes and condos on the national level continue to rise. The existing homes sales for the US in March was up 3.7 % over March 2010 and this was the sixth monthly increase out of the past eight months.

The breakdown by region for March existing home sales included the Northeast up 3.9%, Midwest up 1%, South rose 8.2%, and the West was down .8% in March from the year earlier results.

The continued real estate market improvement (post tax credit) is a reflection of several factors including pent up demand, rising employment levels, low interest rates, foreclosures and short sales, lower real estate values, distressed properties being sold, great inventory of homes for sale, excellent affordability (the cost of owning a median home is the lowest in forty years), lower tax assessed rates, and increasing rents among other things.

The sales of existing homes and condos in March included the transaction that were all cash of 35% and that is now up from 27% in March 2010. A negative aspect of the real estate market improvement continues to be the tight lending standards with the average credit score currently at 760 versus 720 in 2007. The average credit score for FHA loans is now at 700 while it was 630 in 2007.

Free search for real estate listings throughout the Tampa Bay Area (and the mid Florida region) on DavidCraven.com including finding foreclosures and short sales (Pinellas, Hillsborough, and Pasco). For further information about homes for sale in the Tampa Bay Area contact David Craven with RE/MAX Realtec Group.

David Craven
RE/MAX Realtec Group
David@DavidCraven.com
www.DavidCraven.com

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Florida's Existing Home Sales and Existing Condo Sales Continue to Improve.