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Suncoast Pasco News

Pasco Home Sales Rebound In May

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By Carl  Orth | The Suncoast News

Published: June 10, 2008

NEW PORT RICHEY -- Sales of existing homes rose in May, edging slightly above the number sold a year ago as the Pasco housing market continues to rebound.

Greg Armstrong, president of the West Pasco Board of Realtors, reported that 327 homes sold last month, compared to 322 in May 2007.

The good news reflects trends that have been gaining momentum since about February, Armstrong said. Sales had been off most months by as much as 25 percent during the depth of the housing market crisis.

Sales steadily rose this year since the low point of 180 sales, recorded in January.

"The speed of recovery depends on the mindset of the people," Armstrong said about the rest of 2008.

Gloomy headlines about the housing market could have created a bit of a self-fulfilling prophecy, according to Armstrong. But adjustments in prices probably were inevitable because of the overheated real estate market before the bubble burst last year.

"What the economists believe is really meaningless," Armstrong commented. What happens the rest of 2008 depends on the mood of home buyers, he said.

Armstrong expects more gains in home sales during the summer. "Families move during summer when school is out," he explained.

Years ago, summer months had been a slow time for real estate agents when the area was dominated by retirees, Armstrong recalled. "We're no longer a retirement community," he concluded.

Carl Orth can be reached at 727-815-1068 or corth@suncoastnews.com.

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