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Florida Home Sales Hit Five Year High
Dated: January 23 2013
Would you believe that Florida home sales rose nearly sixteen percent last year to record a five year high (Florida Association of Realtors)! Nationwide, home sales across the U.S. rose just over fourteen percent. These reports are from sales of previously occupied homes, not new construction homes in Florida which are extremely hot right now. Improvements in the economy, really low mortgage interest rates and low housing inventory have all helped boost home sales and prices in most markets, especially Tampa, FL.
"We remain convinced that the housing recovery is well under way and should continue through 2013" said Dan Greenhaus, chief global strategist at BTIG. Now the main problem is lack of housing inventory which currently at its lowest level in twelve years. The banks still have quite a large supply of foreclosure inventory (REO) that they have been holding back on releasing to the market most likely in an effort to inflate market value.
Maybe we will see some of the Tampa bank foreclosure inventory start to hit the Tampa Bay Florida market soon or will the banks sit on it a bit longer driving Tampa home prices up even further? ...We shall see!
Realtor Michael Valdes was born in Tampa Florida and has lived and worked in the Tampa Bay area his entire life. He first got into the real estate industry working for large corporations such as JPMor....
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