Economists’ Commentary: Housing Forecast for 2010-2011
By Lawrence Yun, Chief Economist
Last year’s predictions indicated the boost to existing home sales could be more than 20 percent in the first half of 2010 from comparable period one year before. In 2011, new home sales could jump by nearly 50 percent, though from very depressed levels to figures that would be less than half the pace as during the peak sales year in 2005.
These figures don’t surprise me, based on the activity we are seeing in the Tampa Bay Area. Vacation homes are getting scooped up for almost half of what people paid 5 years ago. It’s called “The Sunshine State” for a reason, We have beautiful beaches, warm weather and no State Income Tax. I see people coming here for vacation and they can’t believe the deals we have. If the investment opportunity is good enough, it’s not a hard decision.
Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of REALTORS®.
All signs are showing an increase in sales in the Tampa Bay area!
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You can also read other articles for 2011 predictions here
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