Each and every day there are news reports detailing changes in the real estate market. In recent months, a good deal of that news has been of concern to many people. Tampa foreclosures have reached record levels in 2007. The home mortgage lending market has faced difficult problems throughout the year which has resulted in a tightening of the availability of financing options for consumers like you. In addition, in the Tampa, Florida real estate market specifically and the Florida real estate market more generally, there has been a very significant increase in the costs associated with homeowners insurance. Even property taxes in Florida have been on a heady rise in recent years.
In any event, it behooves you to go to the source to get the most accurate and up to date information about the Florida real estate market, about the Tampa real estate market. Therefore, this information is provided to you after its release by the National Association of Realtors. The information and data provided to you here is taken from the October report prepared by the National Association of Realtors.
Nationally, existing home sales are down yet again. The same holds true for the Florida real estate market and the Tampa real estate market. Sales nationally actually have declined about 4.5% from the prior month. The current rate of existing home sales currently is the lowest that it has been in the past five years.
The National Association of Realtors has concluded that in markets such as Tampa inventory oversupply is the most significant reason why home sales are lagging. Inventory oversupply currently is creating a buyer's market in Tampa and in much of Florida. Indeed, the majority of communities in the United States are experiencing buyer's market today.
Inventory actually is measured in two different ways, according to the National Realtors Association. First, a consideration is made of how many homes actually are for sale. Second, a consideration is made of how many months it would take to sell all of these homes up for sale at the current pace of sales.
There currently are nearly 4,600,000 homes for sale in the United States at the present point in time. Based on the current market sales rate, the outside limit that a home can be expected to remain on the market is 10 months or more.
The median average sales price of homes today have increased a bit over the past year. The median home sales price is up .22% as of this time. The national medial homes sales price in the United States today is $224,500. The media sales price is higher in Tampa and most of Florida at this juncture in time.
Many experts do believe that there will be a decrease in the housing inventory in 2008 which will make the market more favorable, at least to some degree, for home sellers. Therefore, a person considering buying a home may want to do so since home prices are as low as they have been in years.
If you have any questions on the Tampa area real estate market please do not hesitate to visit www.tampa2enjoy.com.