Six more homes sold in July 2008 than in July 2007

Sunny Isles Beach Broker Real Estate News

A total of 11,498 existing homes sold statewide last month while 11,492 homes sold in July 2007, maintaining the same level of sales activity in the year-to-year comparison, according to Florida Association of Realtors® FAR. In a year-to-year comparison for condos, 3,375 units sold statewide compared to 3,641 in July 2007 for a 7 percent decline.

Industry analysts predict that the housing stimulus bill recently passed by Congress should help boost the housing sector’s recovery. Existing home sales nationwide are expected to show some modest improvement in the coming months, according to the latest housing outlook from the National Association of Realtors® (NAR). “With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009,” says NAR Chief Economist Lawrence Yun.

More than half of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales. Realtors around the state reported increased business activity, including more telephone calls, more home showings and a rise in pending sales.