Let's take a look at a different area in Florida rather than our usual focus on the southeast for a moment - the Sarasota-Brandenton market, which is near Tampa.
The local newspaper for the region, The Sarasota Herald Tribune, today reports some slightly encouraging news for the property market there. Although home sales continue to struggle, average prices have increased after falling steadily since September 2008 and reaching a low in February this year. The average price of a property now stands at $162,700.
The supply of new homes has fallen by 32% for the year ending this June. Meanwhile, new construction has also slowed by 42% in the same year period.
However, the amount of properties being sold has fallen, the research shows. The number of houses sold has fallen from 4,269 for the first six months of 2008 to 4,060 for the first six months of this year.
Generally, all of this amounts to signs of a slow recovery - at the moment, at least - in the property market in the region, as prices rise whilst supply falls. However, the overall conclusion is that these small rises and falls in the various factors make it difficult to fully predict when a proper recovery will swing into action. Right now, it is thought that this will not occur before 2010.
Article: Research finds local housing market still struggling, but starting to stabilize (30th July 2009, Sarasota Herald Tribune)
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