February Home Sales Rose, Miami Beach Real Estate
After six months of decline, we saw a rise in home sales of existing homes in February but private economists said it was too soon to say the prolonged slide in housing is coming to an end.
Existing home sales rose by 2.9 % in February to a seasonally adjusted annual rate of 5.03 million units, reported The National Association of Realtors. It marked the first sales increase since last July, but even with the gain sales were still 23.8 % below where they were a year ago.
The biggest slide in the current housing slump was the median sales price for single-family homes and condominiums which dropped to $195,900, a fall of 8.2 % from a year ago, The biggest decline in four decades was the median price for just single-family homes which was down 8.7 % from a year ago,
On Monday, the Dow Jones Industrial average rose 187.32 points to close at 12,548.64. Wall Street, which had been expecting another decline in home sales, was encouraged by the February increase as well as improved terms for Bear Stearns stockholders in the sale of that company to JPMorgan Chase & Co.
Full Article...Febuary Home Sales Rise..Miami Beach Real Estate
According to a third-quarter survey from home price tracking website HomeGain.com, real estate professionals, homeowners and Miami Realtors alike have taken a negative view about the U.S. housing market. The survey, which interview roughly 1,100 real estate professionals and 2,600 homeowners, discovered that 90 percent of real estate agents and brokers believe now that home prices will remain flat or will experience a decline over the next six months.
