June 25, 2010
Mortgage rates dropped to the lowest level in decades this week, and home affordability is very favorable. Uncertainty about the extent of global economic growth and continued low inflation levels have helped mortgage rates reach these levels.
Existing Home Sales fell 2% from April, and were up 19% from one year ago. May New Home Sales dropped 33% from April, which was about 13% lower than one year ago, and a record low level. There's an important difference between the two reports, though. Existing Home Sales measure transaction closings, while New Home Sales are based on contract signings. The April 30 contract signing deadline to receive the home buyer tax credit pulled many contract signings forward into April, and some of these deals closed in May. As a result, Existing Home Sales were still boosted by the tax credit in May, while New Home Sales were not.
We are proud to have served the South Florida and Greater Tampa Bay area for over 12 years. Our experienced team specializes in residential home sales, leasing, property management as well as REO and Note Sales in both the commercial and residential markets. We pride ourselves on highly personal and professional relationships built over the past decade and we look forward to building our relationships further.
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