Statistics continue to be reported regarding the housing market. In their latest report, the National Association of Realtors® (NAR) announced closed sales numbers for the nation and general geographic areas. In relation to January, 2010, February produced a slight drop of .6% of existing home sales nationwide when using a seasonally adjusted annual rate, with the Northeast and Midwest posting slight gains which were offset by drops in the South and West. By NAR definition, existing home sales are finalized transactions that include single-family, townhomes, condominiums and co-ops. However when the numbers are compared to a year ago, February, 2010 produced a 7% increase for the country as a whole. The total monthly drop was produced by the single family home segment of the market, which fell 1.4% from January; however there still is a 4.3 % increase when compared to a year ago. Sales of condominiums and co-ops increased 4.8% on a seasonally adjusted annual rate from January to February. Sales of these units are up over 30% from the previous year as well. The report states that the South experienced a 1.1% drop on a monthly basis but is almost 7% better than a year ago. The numbers for Southwest Florida are considerably better than that. The Naples Area Board of Realtors reported that Collier County (less Marco Island) had a sales increase of over 27% compared to the previous February. The latest numbers from Florida Realtors show a 44% increase for single family homes in the Fort Myers-Cape Coral area. This area also had a whopping 94% increase in condo resales from a year ago. In an added note, the NAR reported that a survey shows first-time buyers purchased 42 percent of homes in February, up from 40 percent in January. Investors accounted for 19 percent of transactions in February, compared with 17 percent in January; the remaining sales were to repeat buyers…http://ChrisAndDick.com
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