Official housing numbers for Fort Myers, Cape Coral, and all of SW Florida were released for June 2008. Single family home sales prices fell 18.83% in one month from May 2008, and 32% from last year’s numbers. See Florida Single Family Home Sales Report June 2008 The only good news in all of this is that single family home sales in Fort Myers and Cape Coral rose 29% over year ago levels as homes became more affordable.
Condo sales in Cape Coral and Ft Myers were down 18% while median prices were down 19% over year ago levels. Many in the industry felt good about sales going forward due to affordablity being back in the SW Florida real estate market, but others aren’t so sure.
The new Housing Rescue Bill will help certain borrowers, but will harm others. Down payment assistance is going away effective October 1 on FHA loans, so a large segment of first time borrowers could be affected. We’ll have another post in the coming days on what effects the new Bill will have on real estate in SW Florida.