Florida Existing Home Sales Rise Slightly, At Last

Recall that in Southern California last month, home sales rose year-on-year for the first time in 33 months—a sign the market there has at last reached a clearing level, which is a necessary precondition for excess inventory, particularly foreclosures, to get absorbed so that things can get back to normal. Inasmuch as Southern California’s housing market is one of the sickest in the nation, that’s very good news.

Here’s more: in Florida, another basket case of a housing market, existing home sales rose slightly last month for the first time in two and a half years. I’m sensing a trend. . . .

P.S.: Trend confirmed! Existing homes sales in Phoenix jumped 17% last month. . .

Comments

[Tom Lindmark:]

Let's not get too excited about one month's data. It is not a trend.

2008 Aug 27 12:11 PM