New Homes Sales are up, but prices are down
The Sarasota Herald Tribuen reported this morning, Saturday, May 1, 2010 that the number of new home closings were up but the median price was down by 14 percet. During the first 4 months of 2010 the three largest home builders in Southwest Florida, Lennar, Taylor Morrison and Neal Communities closed on 182 homes compared to 123 during the first 4 months fo 2009.
Builders are building smaller less expensive homes to meet the demands of the market place.
We are seeing the same results in resales of existing homes. The numbers of homes sold is increasing and the median price keeps droping. Many project the fall in prices will continue for the rest of 2010 and some project it will be later in 2011 before things improve.
