News for UK buyers of Orlando property
Florida’s existing home sales rose in July – the 11th month in a row that
sales activity increased in the year-to-year comparison, according to the
latest housing data released by the Florida Association of Realtors® (FAR). Statewide existing home sales in July also rose over the previous month’s
sales level.
Existing home sales rose 37 percent last month, according to FAR. Florida
Realtors also reported a 48 percent rise in sales of existing condos in
July.
To gain insight into current trends in Florida’s real estate industry, the
University of Florida’s Bergstrom Center for Real Estate Studies conducts a
quarterly survey of industry executives, market research economists, real
estate scholars and other experts. According to the recent second quarter
2009 survey, investor confidence in the outlook for business and
availability of money are reasons for cautious optimism.
“I think we’re on the road to recovery” said Timothy Becker, the center’s
director. He noted that the investment outlook for single-family development
increased to its highest level since the survey began, with more respondents
than ever believing it is a good time to buy.
Several positive market factors are influencing the housing sector, notes
NAR’s latest industry outlook. “Historically low mortgage interest rates,
affordable home prices and a large selection are encouraging buyers who’ve
been on the sidelines,” said NAR Chief Economist Lawrence Yun. “Activity has
been consistently much stronger for lower priced homes. We expect a gradual
uptrend in sales to continue due to tax credit incentives and historically
high affordability conditions.”
Posted: 21 August 2009
Source: Florida Association of Realtors
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