Housing sales in July 2010 plunged 25.5% from the year-ago level. The volume of single family home sales in the United States declined to the lowest level since 1995. No particular region of the U.S. was immune as the Northeast dropped 30%, the Midwest was down 33%, the West was off 23% and the South was down 20%.
Nonetheless there are some areas of activity. The data released by the Florida Realtors showed sales of existing condominiums in Florida rose by 11% in July 2010 over July 2009. The increase in sales did come at a reduced price. The median sales price of condominiums in July 2010 was 20% lower than the $108,500 in July 2009.
As the Florida condominium sales data indicates, there is still real estate sales activity throughout the state. The combination of mortgage rates being at the lowest levels in a very long time and steep price declines in many areas, makes real estate affordability in the state of Florida at the highest level in decades. Those buyers who can afford to purchase a home, now is a good time.
Please feel free to contact me for all of your real estate needs in South Florida.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
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