Home Sales, Prices Down

The Herald ran the following story today:

Home sales, prices down

MELISSA FOLLOWELL
Herald Staff Writer

Existing home sales in the Bradenton-Sarasota market took a 40 percent tumble in June, and the median sales price fell $10,000 from a year ago.

Bradenton-Sarasota was one of seven Florida markets to see prices falter, while areas like Gainesville and neighboring Tampa-St. Petersburg-Clearwater continued to see double digit appreciation, according to figures released Tuesday by the Florida Association of Realtors.

Even with falling prices, Bradenton-Sarasota remained the fifth most expensive place to purchase a home in Florida, with the median price settling at $326,800. Statewide, the median was $257,800.

Real estate officials say the rising cost of insurance, higher taxes, higher fuel costs and escalating interest rates are just some of the reasons for the sales slump.

Unrest in the Middle East also has had an effect, said Dan Forbes, broker and co-owner of Premier Team Realty.

"It effects people psychologically. Markets, even the housing market, doesn't like uncertainty," Forbes said.

The market isn't all doom and gloom, however. The number of homes being put on the market seems to have leveled off, leading some to think the worst may be over.

"We're starting to see that we're reaching the top of the inventory cycle. If it decreases throughout the rest of the year, it'll stabilize the market," Forbes said.