2010 Brings Rise In Sales for Existing Homes & Condos
The sales of Florida’s existing homes rose 24 percent in January 2010 from the previous year. The sale of existing condos have increased a whopping 81 percent compared to January 2009. And, according to the latest housing data released by Florida Realtors®, for the past 17 months the sales activity has increased in the year-to-year comparison.
With the very favorable still-low mortgage rates, excellent inventory options and attractive prices, it is not surprising that the Florida real estate market has seen increases. These sales are aided by the need to have a purchase contract in place by the end of April to take advantage of the expanded federal tax credit.
According to NAR (National Association of Realtors®) Chief Economist, Lawrence Yun, “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.” Florida being one of the harder hit economies, that time-line may be a bit optimistic. However, it clearly exemplifies the need to accelerate purchase plans and not wait too long to buy.