SI Real Estate Tampa and The Beaches

Since 2009, existing home sales have never been so high. July 2013 recorded and increase of 6.5% in comparison to June of the same year. A seasonally adjusted annual rate of 5.06 million in June went up to 5.39 million in the month of July. This indicates a double-digit year-over-year increase in the real estate market. The median price for existing homes was $213,500 in July which was 13.7 % more than in the previous year at the same time. Also, 15% of the July sales were distressed homes foreclosures and short sales which indicated the lowest share since October 2008.   “The size of the increase was a surprise,” given the number of people applying for mortgages has dropped sharply since rates began to rise in early June, said Patrick Newport , an economist at IHS Global Insight. The increasing mortgage rates also play a big role in this.   According the Freddie Mac , “fixed-rate mortgage rose to 4.37% in July from 4.07% in June; being the highest since July 2011. ...