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New Home Sales Spiked 11% in June: South Florida Housing Market Hits Bottom?

July 29, 2009

P R O P E R T Y   S E A R C H

R E S T I V O – H E C H T M A N    T E A M


money treeThe buzz  IN THE NEWS  over the past couple of days:  

South Florida MAY have already seen the BOTTOM of the REAL ESTATE MARKET! 

 The  Real Estate market may now, finally,  be headed upward… At the very least it appears that we are somehow stopping the bleeding!  

Good news nationally!  The US economy may be on it’s way toward a modest recovery.  Housing signals point our way out of the recession. Great news for Miami!  

With new housing sales spiking 11% nationally in June … (the biggest gain since 2000)…  that also marks the largest margin in  9 years!  The National Association of Realtors (NAR)  reports that price declines are slowing,  and that existing home sales rose  by  3.6%   in June.

  CNNMoney.com reports that the June new housing  sales jump may fuel the way out of this recession.  

The glut of overdevelopment has unquestionably  been concentrated in Florida, California, Las Vegas.   Has the housing market  indeed just  ‘bottomed out’?  If so, we will  likely start to see sellers and builders less willing to make concessions.   The  housing market  traditionally drives the economy (and  until recently…  it has been driving it down).  News that we may have already touched bottom is indeed welcome!  Encouraging not only for Florida and California, but globally!   The housing market plopped  us into this recession.  Spiking sales of new homes in June may have  just marked the turning point… and …may have already begun pulling us out of the recession!

Fact is… the only REAL way we will know  WHEN we’ve hit  bottom, is with the benefit of hindsight… and only after the tide has turned.   Perhaps it has!

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