Lee existing home sales almost double year-over-year

News Press By Dick Hogan

There were 1,252 existing single-family homes sold in August in Lee County with the help of a Realtor, almost twice the 684 from a year earlier, according to statistics released today by the Florida Association of Realtors.

The median price of a house sold was $89,300, off 39 percent from the $146,900 a year earlier.

In Charlotte County, the number of homes sold rose 31 percent from 176 to 230 and the median price fell 25 percent from $138,100 to $103,300 in the same period, according to the association.

In a separate report also issued today, the National Association of Realtors reported that home resales nationally dipped unexpectedly last month after a four-month streak of gains, providing evidence that the housing market recovery remains fragile.

Sales dropped 2.7 percent to a seasonally adjusted annual rate of 5.1 million in August, from a pace of 5.24 million in July, according to the national association’s report.

Sales, which were still up 3.4 percent from a year earlier, had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters.

“We suspect it is just a temporary blip in the improving trend rather than a sign of renewed weakness,” wrote Paul Dales, U.S. economist at Capital Economics.

First-time buyers purchased almost one in three homes last month. New homeowners will get an $8,000 tax credit if they complete the transaction by Nov. 30, which the credit expires.