More buyers bought Pinellas homes in August compared to the previous month and to August last year. Home buyers acquired a total of 1,508 single-family homes and condos in August, posting a month-over-month increase of 3.93% and a year-over-year increase of 25.35%.
Compared to home sales in August 2007, which was five years before, the August 2012 sales volume was a jump of 77.2%. The pace of increase over the five-year period was biggest when compared to August 2008, which had an increase of 81.25%.
Of the 1,508 units sold in August, 954 or 63.26% were single-family homes and 554 or 36.74% were condos. Sales of single-family homes increased both over the month and over the year, posting an increase of 27.37% year-over-year and 6% month-over-month. Sales of condos increased over the year by 22.03% and over the month by 0.54%.
| Pinellas homes sold in | August 2012 | 1,508 |
| August 2011 | 1,203 | |
| July 2012 | 1,451 | |
| Pinellas single-family homes sold in | August 2012 | 954 |
| August 2011 | 749 | |
| July 2012 | 900 | |
| Pinellas condos sold in | August 2012 | 554 |
| August 2011 | 454 | |
| July 2012 | 551 |
The median price for Pinellas single-family homes sold in August 2012 was $135,000, posting an over-the-year increase of 6.3% but an over-the-month decrease of 2.17%. The median price for condos dropped both over the year and over the month, by 7.45% and 3.33%, respectively, to $87,000 in August 2012.
| Median price for single-family homes sold in | August 2012 | $135,000 |
| August 2011 | $127,000 | |
| July 2011 | $138,000 | |
| Median price for condos sold in | August 2012 | $87,000 |
| August 2011 | $94,000 | |
| July 2012 | $90,000 |
About nationwide home sales and prices, on the third week of September, the National Association of Realtors reported that sales of existing homes nationwide continued to improve in August. Sales of existing single-family homes, condos, townhomes and co-ops increased in August to an adjusted yearly rate of 4.82 million housing units, up by 7.8% from 4.47 million units in the previous month. The year-over-year increase was higher, with an increase of 9.3% from 4.41 million units in August 2011.
Home prices in August also gave signs that a recovery is happening. The median price for all types of pre-owned residential units sold in August was $187,400, representing a jump of 9.5% from the median price in August last year. The rate of increase was the biggest since December January 2006, the month the median price soared by 10.2% year-over-year.
Existing home sales by regions also improved in August. The Northeast and the West posted the biggest sales increases over the month while the Midwest posted the biggest sales increase over the year. The Northeast and the West also have the highest median prices for existing residential units, with Northeastern homes posting a median price of $245,200 and Western homes posting a median price of $242,000. In the South, the median price for pre-owned homes was $160,100, while in the Midwest, the median price was $152,400.
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