Article from the Pensacola News Journal on October 17, 2011

 

Compared with their low point in the fall of 2008, housing sales in the Pensacola area over the past nine months have experienced a relatively strong rebound.

For example, in September 2008, only 289 homes sold. Last month, that figure was just shy of 400, a 38 percent increase, according to the latest monthly data from the Pensacola Association of Realtors.

Even more encouraging is the inventory of unsold homes: 4,011 last month compared with 5,031 in September last year, a 20.2 percent decrease.

The average selling price of a single-family home in September has remained steady over the past three years at $166,500.

All that’s good news, but weighing down prices — and showing no signs of letting up — is the steady stream of foreclosed and short-sale homes entering the market.

By some estimates nearly a third of the houses sold in the area over the past year were either short sales or foreclosures.

There will be no strong housing recovery until the backlog of foreclosures and short sales works its way through the market.

 


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