by David Kranzler
Investment Research Dynamics
It’s happening here too, NE Florida. Lots of inventory in higher priced areas (around $400k), lesser expensive areas are selling but at much reduced frequency. Lots of for sale signs out there and they’ve not come down. I see price reductions now, and still no traffic for sales. It looks exactly what I witnessed 7 years ago! – reader comment – note: a colleague of mine who lives on west coast of FLA said the same thing about his area
While the NAR was pleased to report a gain in May over April for its statistically brewed annualized home sales rate for May, it also revised lower its original “guesstimate” for April sales. In other words, existing home sales are occurring at a slower rate than originally reported. I would bet that in July when June’s number is reported that the NAR will revise lower May’s report.