First-time buyers push home sales 8.9%

The Manatee Association of Realtors today reported a sixth consecutive month of sales gains thanks to first-time home buyers taking advantage of the most favorable conditions.

In total, 305 single-family homes changed owners in June, an increase of 66.6% over six months ago and 8.9% ahead of the May figure.

Furthermore, sales of foreclosed, bank-owned and short sale properties continue to shrink in June. Those properties, which typically sell below market prices, made up 42% of all single-family home sales in Manatee County. That compares to 60% in January, 74% in February, 68% in March and 51% in April, 55% in May.

Manatee County median sales price for existing homes in June was $190,000, up from last month's $164,750. But the association noted that according to housing industry analysts with the National Association of Realtors, sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount.

The trend for pending single-family home sales has been steadily moving upward during the past six months. June data reports well over a 50% increase in pending single-family home sales with 687 under contract compared to 324 reported in May. The number of single family homes listed on the Multiple Listing Service also dropped from 7,075 one year ago to 5,448 at the end of June.

Housing statistics are provided by the Manatee Association of Realtors and are based on data supplied by the Mid-Florida Regional Multiple Listing Service.