In a recent blog posting, we recounted that prices and demand are both on the rise in the St. Petersburg-Tampa area real estate market. Our conservative take mentioned an almost eight percent bump in home sales.
What the Pros are Saying
However, a new report by MarketWatch not only confirms the trend, but also jumps the increase to over 20 percent from the same time last year.
In a related report, CoreLogic, a private real estate data provider, recently said that home prices increased by 4.6 percent in August compared to a year ago. This represents “the largest year-over-year increase in more than six years,” according to CoreLogic.
MarketWatch.com claims that for the first time in too long a time, “the supply of both new and used homes available for sale has dropped below demand,” and that “prices are rising both quarter-to-quarter and year-to-year for the first time in two years.” This is great news for sellers, and a call to buyers to get off the fence and don’t delay as prices continue their upward climb.
Couple with increased prices, mortgage interest rates are at 60-year lows, and we have a market where homes are more affordable now than they have been in nearly a quarter century.
MarketWatch says that with the 20 percent increase, and pending sales at a 2-1/2-year high, inventory is dwindling, foreclosures and short sales have slowed, selling prices are rising, and buying is on the rise. As a result, the buyers market is beginning to turn in favor of sellers.
As we said in our earlier “Good News For Tampa Bay Home Sellers” blog…For buyers, the message is clear…the days of putting off the decision to purchase a new home in order to get a better price are over.