Category: Finance, Real Estate.
Even though you may be looking to purchase or sell a home in the New Tampa area, it s important that you consider national and regional home sales trends. In point of fact, the most recent home sales trends for November actually bode well for the Florida real estate market on some level.
The reason it s important to understand national and regional real estate trends is because the trends have both a tendency to effect other real estate marketplaces and because trends in other areas( as well as national trends) can provide some useful indicators as to what to expect in the Florida and New Tampa real estate markets not only today but into the future as well. The South( including Florida and the Tampa real estate market) has experienced the lowest market decline than any other region in the country. This decline is nearly 100% less than the decline experienced in the market with the worst sales trends report at this point in time. The South has experienced a nearly 6% decline from the October reporting period. The worst region as far as market declines are concerned for this reporting is the Northeast region. Again, as was alluded to a moment ago, this is the worst regional decline in all of the United States for the last reporting period.
The Northeast region has experienced a 10% decline in home sales over the course of the last reporting period. Sales were down in the West region for the last reporting period nearly as bad as in the Northeast region. Finally, the month to month decline in the Midwest was just over 7% . The West region found home sales down by 9% . You do need to keep in mind that the declines that have been referenced in this report are based on the transition from the October to the November reporting period. Comparing sales to last year presents a worse picture.
If you compare in home sales decline from November 2006 to November 2007 is even more dramatic( and problematic) . Nationwide, sales were down 11% compared to last year. The above figures are seasonally adjusted and based on how many homes would sell over a year s time at a comparable sales pace. The regional declines are as follows: West, 278% , South 165% , Midwest 125% , and Northeast 146% . Despite the trends in home sales over the course of the past year( and currently for that matter) , many experts predict that the real estate market will improve after the first of the year. Even though the home mortgage market has tightened significantly over the past several months, and even though foreclosures have hit record levels over the course of 2007, both of these factors are also expected to improve after the first of the year, resulting in improved sales and an improved real estate market.
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