[shannon94]

and it's summer time!!! Discuss!!..

[Bones]

Statewide, the existing-home median price rose 3 percent to $257,800 last month (June); a year ago, it was $249,800, according to the Florida Association of Realtors® (FAR).
Nationally, the median sales price for existing single-family homes was $229,700 in May, up 6.4 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $564,430 in May; in Massachusetts, it was $352,700; in Maryland, it was $315,003; and in New York, it was $249,900.
Home sales are projected to ease modestly but should stay within a relatively narrow range over the balance of the year -- signs that the market is stabilizing, according to NAR housing industry analysts. Still, NAR expects 2006 to be the third strongest sales year on record. Analysts note that the housing market continues to provide a strong foundation to the economy even as the market adjusts, while slower appreciation assists in preserving long-term affordability.

[bamboosmom]

Originally Posted by Bones

Statewide, the existing-home median price rose 3 percent to $257,800 last month (June); a year ago, it was $249,800, according to the Florida Association of Realtors® (FAR).
Nationally, the median sales price for existing single-family homes was $229,700 in May, up 6.4 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $564,430 in May; in Massachusetts, it was $352,700; in Maryland, it was $315,003; and in New York, it was $249,900.
Home sales are projected to ease modestly but should stay within a relatively narrow range over the balance of the year -- signs that the market is stabilizing, according to NAR housing industry analysts. Still, NAR expects 2006 to be the third strongest sales year on record. Analysts note that the housing market continues to provide a strong foundation to the economy even as the market adjusts, while slower appreciation assists in preserving long-term affordability.

Very interesting to know. The home prices rose? Hmm, you never know what is going to happen now. 2006 is to be the third strongest sales year on record. Very encouraging, don't you agree sellers?

[Bones]

[Bones]

"The market is becoming more balanced, with greater negotiating give-and-take between buyers and sellers," says Beverly Pindling, president of the Orlando Regional Realtor Association and broker-partner of Orlando Real Estate Professionals. "While the inventory of homes for sale is up, the market is reaching a point of equilibrium. The challenge for many buyers is the higher mortgage rates, coupled with rising costs for gasoline, for energy, and for property insurance -- it's squeezing their ability to make monthly payments."

[bamboosmom]

Let's think positive and good things will happen. See, negativity is not favorable here. Let's here a big woopie!!!!

[shannon94]

Originally Posted by Bones

Statewide, the existing-home median price rose 3 percent to $257,800 last month (June); a year ago, it was $249,800, according to the Florida Association of Realtors® (FAR).
Nationally, the median sales price for existing single-family homes was $229,700 in May, up 6.4 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $564,430 in May; in Massachusetts, it was $352,700; in Maryland, it was $315,003; and in New York, it was $249,900.
Home sales are projected to ease modestly but should stay within a relatively narrow range over the balance of the year -- signs that the market is stabilizing, according to NAR housing industry analysts. Still, NAR expects 2006 to be the third strongest sales year on record. Analysts note that the housing market continues to provide a strong foundation to the economy even as the market adjusts, while slower appreciation assists in preserving long-term affordability.

Real estate prices starting to soften as buyers shy away, inventory piles up

By MICHAEL POLLICK and STEPHEN FRATER



michael.pollick@heraldtribune.com
stephen.frater@heraldtribune.com

The professionals have spoken, but the message is not getting through to home sellers -- yet.

Home prices are dropping.

At a Thursday meeting of the Sarasota Association of Realtors, veteran broker Candy Swick held her own informal poll, asking the roughly 300 in attendance to raise their hands if they thought prices were still going up.

No hands.

Then, raise your hands if you think prices are remaining the same.

No hands.

"Then I asked them if they believed prices were adjusting downward. It would be accurate to say 99 percent of the hands went up," Swick said.

Welcome to the new reality of residential real estate in Southwest Florida, where a dearth of homes for sale has turned to glut.

If you were selling the homestead a year ago, you could leave the rooms a mess, add 3 percent a month to the last comparable price that struck your fancy, stick a for-sale sign in the front yard, and maybe even enjoy a bidding war in your front yard within the week.

Since then, though, the home market in Sarasota, Manatee and Charlotte counties has done a complete reversal. There are roughly triple the listings now in the northern part of the market, meaning buyers can take their time, and they are.

Under one scenario, sellers might consider themselves lucky if the median price levels achieved in January stay flat for the year.

"We are going to find the worst price corrections in the markets that have had the most explosive appreciation in the last three years," says Jack McCabe, a Deerfield Beach-based real estate economist who tells big builders what they should do next. "And guess what? Sarasota is one of the top five in the country."

McCabe's prediction is fairly dire, and not in line with the generally gentle leveling off in pricing that the preponderance of economists have suggested for the housing market. He thinks Sarasota faces a painful downward price correction of 20 percent to 30 percent during the next two years.

Worst hit will be the new condominium and town house market, but McCabe now sees the damage extending to single-family homes as well.

Condos in overbuilt urban markets, including South Florida where he lives and in Sarasota, "are the most susceptible strictly due to the oversupply."

"Somebody who closes on a $500,000 unit right now, and, let's say, puts down $100,000 out of their pocket, there is the potential that in 18 to 24 months that unit will be worth less than $400,000 and they will be upside down in the house, similar to being upside down in a car," or owing more on a house than it is worth.

"Because you are already seeing prices drop over there, what you are going to find is the majority of sellers are already accepting below-list-price offers."

[summergal]

Shannon - your article is only addressing 3? counties in SW Florida, whereas Bones' article is speaking statewide. Those 3 counties may be dipping but overall/statewide things are looking fine...

whoooop! whooooop!

Bones - I read that article as well and found it very encouraging although not surprising. Lots of people want to live here! Lots move here everyday!

[sunshine girl]

What is accomplished by negative comments to folks talking to each other in these forums. Honesty is one thing, but trying to one up someone is another. And for what purpose? What good does it do anyway? Makes me sad to read the posts that are a bit harsh with the information(?) provided. Don't need another mama shaking her finger at me thanks. I'm sure I'll get some flack for this, but oh well (imagine me shrugging my shoulders here).
Peace to all.......