Florida’s existing home, condo sales improve in 2Q 08 compared to 1Q 08 Florida Realtors continued to report positive signs for the state's housing sector in the second quarter of 2008. ORLANDO, Fla. – Aug. 14, 2008 – During the second quarter of 2008, Florida Realtors continued to report positive signs for the state’s housing sector, such as an increase in pending home sales (based on contracts signed but not closed) and a slower rate of expansion of inventory levels in some areas. Sales of both existing single-family homes and existing condominiums improved in second quarter 2008 from the first quarter of the year, according to the latest housing statistics from the Florida Association of Realtors (FAR). A total of 35,178 existing homes sold statewide in 2Q 2008, up 38.2 percent over 1Q 2008 when 25,443 homes sold. The statewide existing home median price in 2Q 2008 was $203,000, slightly higher than the $202,300 median price reported in 1Q 2008. Home sales may rise modestly before broader upturn in second half of 2008 WASHINGTON – June 9, 2008 – A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors® (NAR). The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5. Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said. “Sharp price reductions are leading to a quicker discovery of price equilibrium points. The West is already seeing year-over-year gains in pending contracts.” To see full report http://www.floridarealtors.org/NewsAndEvents/n2-060908.cfm

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