Pinellas County Real Estate Statistics for May 2015
After several months of climbing, Pinellas County home sales have leveled out a bit. Partnered with the recent slight increase in interest rates and decreasing inventory, that’s enough to burst anyone’s bubble talk.
Lawrence Yun, chief economist for the National Association of REALTORS®, says that prices have risen quickly but he also isn’t alarmed about a housing bubble. However, he is concerned that housing affordability will continue to soften. While some housing markets – like San Francisco and Denver – have surpassed their previous 2006 peaks in home prices, economists still aren’t concerned. They say that’s a sign of a normal housing market "because in a bubble prices typically rise in tandem across the country, rather than responding to the strength of local economies," reports The Wall Street Journal. (1)
The total sold units for single family and townhome/condo combined in May 2015 was 2,029, slightly lower than the 2,103 sold in April 2015. Year-over-year stats for closed single family and townhome/condo combined sales showed a 10.0% increase for May 2015 over May 2014, as compared to the 19.8% increase year-over-year from April 2014 to April 2015.
The CFPB announced June 18 that the implementation date has been delayed a month, from August 1 to October 1, 2015 (pending public comments before it becomes official). Real estate professionals involved in every part of the transaction will have to adapt to and implement the new TRID procedures. REALTORS® will play an integral role in coordinating and cooperating with all their business partners, and preparing clients for a longer closing time frames and possible delays.