According to Florida Realtors yesterday, Broward County had 720 sales of existing homes last month, down 21% from a year ago, while Palm Beach County sales fell 7% to 802.
The National Association of Realtors said also claimed that statewide, sales dropped 14% from a year ago. Nationally, single-family sales, which account for the bulk of the transactions, are at the lowest level since May 1995.
Buyers who signed contracts by April 30 and close by the end of September qualify for the $6,500 to $8,000 tax rebates. Analysts expected demand for homes to wane once the program ended.
Lawrence Yun, chief economist for the national Realtors’ group, said in a statement he expects a soft sales pace to continue through September. He states: “However, given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs."
The median price in Broward County in July was $207,500, down 5% from a year ago. Palm Beach County’s median was $226,000, off 8% from July 2009. While, Broward’s existing condominium sales fell 12% last month, and the median price of $74,000 was down 8% from a year ago.
Palm Beach County condo sales rose 16%, but the median dropped 15% to $93,400.
Buyers who signed contracts by April 30 and close by the end of September qualify for the $6,500 to $8,000 tax rebates. Analysts expected demand for homes to wane once the program ended.
Lawrence Yun, chief economist for the national Realtors’ group, said in a statement he expects a soft sales pace to continue through September. He states: “However, given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs."
The median price in Broward County in July was $207,500, down 5% from a year ago. Palm Beach County’s median was $226,000, off 8% from July 2009. While, Broward’s existing condominium sales fell 12% last month, and the median price of $74,000 was down 8% from a year ago.
Palm Beach County condo sales rose 16%, but the median dropped 15% to $93,400.
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