New home closings have stabilized in Hillsborough, Pasco and
Pinellas County. New home sales are no longer declining.

Average new home prices have declined because builders are
liquidating inventory and selling smaller homes.

New home prices, for the same house, cannot go much lower.
Many builders are selling at a loss or break even. They will not,
cannot, continue to do so. Builder costs are not dropping,
especially with the widespread impact of high oil costs.

With new home inventories being reduced and new home starts at
a very low level, it will not be long before new home buyers will
have severely limited locational, floor plan and price range
choices or long waits for new construction.

Even a slight increase in interest rates in the future will
make the current period seem like a once in a lifetime buying
opportunity for a new home. It probably is.

The advantage of a new versus resale home is comparable to a
new versus used car. Buyer beware.

Tampa Bay is a thriving urban market. For those who want to call Florida their home, this area is still a great place to buy.