Dale Bohannon - REALTOR - eXp Realty

TAMPA BAY HOME SALES SURGE IN JULY


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TAMPA BAY HOME SALES SURGE IN JULY: Buyers jumped back into the market after the stay-at-home orders were lifted. The chart below shows single family homes in Hillsborough, Pasco and Pinellas counties priced from $250,000 to $500,000. The number of new contracts increased 37.5% from June to July, while the number of listings decreased by 46.5%. Closed sales increased 27.5% from the previous month. Builder sales are robust. We are seeing the impact of pent-up demand, record the low mortgage rates, and people moving here from out-of-state. As far as the national picture, we've obviously had a historic drop in economic activity and a record-setting increase in unemployment. Over 8 percent of all active mortgages in the U.S. are in forbearance, compared to less than 1 percent of mortgages at the beginning of 2020. Are we looking at a recession, a depression, or a V-shaped recovery?

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