With record low mortgage rates, decreasing home prices and relatively mild weather throughout the country, many states are experiencing home sale increases this winter compared to previous years.
Florida has been one of the hardest hit areas during this housing crisis, but at the close of 2011, existing home and condominium sales rose year-over-year, according to data from Florida Realtors. This is the third consecutive year statewide sales activity had a positive upswing.
Existing home sales was up 8% last year with 185,921 homes sold. The median price for these properties was $131,700.
Meanwhile, the condominium market saw a 15% gain in sales with a total of 87,581 units sold. These units sold for an average price of $88,300. Overall, 16 of Florida’ metropolitan statistical areas reported higher existing home and condominium sales at the end of 2011 compared to 2010.
“Sales were up strongly for the year which reinforces the reality that Florida is in a slow real estate recovery,” said John Tuccillo, chief economist of Florida Realtors. “Our expectation is that recovery will continue through 2012. The major obstacle in the market is the inadequate accessibility to financing. Prices are moderating, but we don’t expect too much movement owing to the continuing significance of distressed properties.”
According to the Illinois Association of Realtors, home sales also were greater in the Prairie State through December than the same time period one year ago.
There were 14% more homes sold (8,828) in December 2011 than last year at a median price of $125,000. However, this figure is down more than 10% from December 2010.
More than half of Illinois counties included in this data (52 out of 100) had year-over-year home sales increases at the end of 2011. Also, 43 counties showed median price increases from the prior year,
“While median home prices continue to be a concern in much of the state, the continued trend of month-over-month increases in the number of home sales is encouraging news,” said Loretta Alonzo, president of the Illinois Association of Realtors. “Buyers are finding deals that are simply too good to pass up, and that coupled with stronger consumer optimism is making this an excellent way to start 2012.”
The California Association of Realtors reported home sales were up in December from the prior year, marking the sixth straight month of annual increases.
December’s sales in the Golden State rose 3.3% from November and only 0.1% from the same time last year. There were 520,940 single-family homes sold in December, according to information collected by CAR from more than 90 local Realtor associations and MLSs statewide.
“With the economy slowly improving, homebuyers—investors and first-time buyers alike—took advantage of affordable interest rates and made a push to close escrow by the end of the year,” said LeFrancis Arnold, president of CAR. “Robust sales over the past few months signal the housing market is treading above water on its own in the first full year without the government stimulus that has helped housing in the last couple of years.”
