Manatee-Sarasota housing prices starting to stabilize

twhitt@bradenton.comDecember 20, 2013 

MANATEE COUNTY -- Sales of existing homes in the Manatee Sarasota area stayed flat month to month for the for the first time this year, a hint that the market may be stabilizing as both prices and mortgage interest rates rise.

Year over year the median sales price increased 11 percent to $165,000 and sales on non-distressed existing homes were up 10 percent. Sale prices on distressed or foreclosed homes were up 5 percent month over month, but up 14 percent over the same time last year to a median of $114,000.

Novembers slowdown in sales could mean the market is becoming more balanced as investors -- typically cash buyers -- looking for bargains pull back and home buyers have an opportunity to take their time house shopping. Still Florida remains one of the top states for cash sale. States with the highest percentage of cash sales were Florida at 62.7 percent, Georgia at 51.3 percent, Nevada at 51.0 percent, South Carolina at 50.3 percent and Michigan at 49 percent, according to RealtyTrac

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