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Existing home, condo sales rise

If you’ve been sitting on the market sidelines, waiting to see when it “hits bottom,” better get ready to get in the game! According to data collected by the Florida Association of Realtors, existing home and condo sales continue to rise over last year:

Florida’s existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). February’s statewide sales also increased over January’s figures in both the existing home and existing condo markets.
Existing home sales rose 20 percent last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008, according to FAR. February’s statewide existing home sales were 16.7 percent higher than January’s statewide sales.Florida Realtors also reported a 15 percent gain in statewide sales of existing condominiums in February, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels. Statewide existing condo sales last month increased 25.1 percent over the total units sold in January.
Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in February while 11 MSAs also showed gains in condo sales. It marks the eighth month in a row that a number of markets have reported increased sales.

Here on the Emerald Coast, we are not yet seeing increases in prices but choice properties priced well do not stay on the market long. Don’t let opportunity pass you by!

Mortgage rates at record low

Rates on 30-year mortgages plunged to a record low Thursday after the Federal Reserve launched a new effort to prop up the housing market. According to Bankrate.com, more than half of industry experts believe that mortgage rates will continue to drop.

The national average rate on 30-year, fixed mortgages was 4.94 percent on Thursday; the average rate on a 15-year fixed-rate mortgage dropped to 4.61 percent, down from 4.64 percent last week, Freddie Mac said.Rates on five-year, adjustable-rate mortgages fell to 4.98 percent, compared with 4.99 percent last week. Rates on one-year, adjustable-rate mortgages rose to 4.91 percent, from 4.8 percent last week.The rates do not include add-on fees known as points. The nationwide fee for fixed and adjustable rate mortgages averaged 0.7 point last week.

For borrowers with stable jobs and good credit, it represents an opportunity to refinance at the lowest rates in decades.

Questions? Comments? Respond to this Blog, or contact Jennifer Howard at 850-585-7334, Jennifer@MyDestin.info.