The Florida Associaion of Realtors just reported that for the first time in almost three years, Florida's existing home sales rose in September, noting a 24 percent increase in activity in the year-to-year comparison. Sales of existing condos statewide increased 11 percent in the year-to-year comparison.
Statewide sales of homes was up 24 percent over the number of homes sold in September 2007, according to FAR.
"The September sales report from the Florida Association of Realtors shows a 24 percent increase in the sales of existing homes in the state; this represents the sixth month in a row that the sales figure has exceeded its 12-month moving average (average of the previous 12 months)," says Dr. Sean Snaith, economist and director of the University of Central Florida Institute for Economic Competitiveness. "This is a clear sign that the significant price declines that have occurred across the state are leading to a more rapid absorption of the housing inventory."
Snaith was quoted as saying that September 2007 was a volatile time for the housing industry. "The large percentage increase of sales this September versus September 2007 is inflated by the sharp decline in sales that took place in September 2007," he explained. "That was the month following the initial wave of global fallout precipitated by the subprime mortgage meltdown that roiled markets in August 2007."
The housing outlook stresses the importance of available credit to the mortgage market. We will not begin to see a stabilization of home prices until there is a freer flow of money.
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