Real Estate sales nationwide slowed this summer.

As predicted, sales nationwide slowed this summer. This was due in part to the end of federal tax credits for homebuyers. But the important statistic to note is that, while sales volume slowed, in the Northeast and the West single-family home values actually went up. Despite the slower volume of sales, home values have been steady for the past 18 months.

Sales are beginning to pick up in FL right now.

 

The table below from the National Association of Realtors (NAR) shows the rate of change for home values per region.

Comparing home values from July 2009 to July 2010, NAR chief economist Lawrence Yun, reports that the price of homes increased .7%. Also, Yun reports that annual sales averaged 4.9 million in the past 20 years. But for 2010, annual sales are expected to reach 5 million because of the healthy activity from January to June.

 

Historically, July marks the peak in available inventory. High supply of inventory benefits buyers. But as inventory shrinks, prices will move up. Given that home values are stable and that new-home construction is low, sellers should experience a better selling market. Florida will follow the national trend very soon so selections and timing may be at an all-time best!

This may be the time to evaluate your real estate needs.