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Pasco Home Sales Register Gains In May

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By Carl  Orth | The Suncoast News

Published: June 14, 2008

NEW PORT RICHEY - For once there might be some glimmer of good news about the housing market, at least in Pasco.

Sales of existing homes not only rose in May, the number sold last month was slightly higher than the total a year ago, in May 2007.

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

A rebound in the Pasco housing market seems to be gaining momentum since February, Armstrong observed. During the depths of the home-sales crisis, sales totals were down as much as 25 percent some months.

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

Bad news in headlines about the housing market might have created a bit of a self-fulfilling prophecy, Armstrong suspects. But adjustments in prices probably were inevitable because of the overheated real estate market before the bubble burst last year, he said.

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

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

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