Home Sales: Down/Up... Prices: Up/Down... What??

Below is a clip from the local paper today, Fort Myers based The News Press. The data is from Florida Realtors (Florida association of Realtors.)

December 2010 sales are down slightly from December of 2009, but up sharply (29%) from November of 2010. At the same time, the National Association of Realtors just reported that nationwide home sales are at a 13-year low with some 4+ million homes sold. Down-Up-Down.

Prices, based on the chart below, look flat. The computed statistic shows 2010 up 4% from 2009.

What does this all mean? Quite simply a very strong buyer's market, still. And, this will hold for 2011 very likely. Inventory is still high, prices are at the low, and sales are sluggish. Buyer's market.

Further, when the data is jumping up and down and not changing much overall, it's pretty clear no trends are emerging.

However, real estate is local!

Watch the marke that you are interested in and don't let nationwide data sway you. Look at the local market and the data for that market.

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