The wrong kind of closings

Tampa Bay area home sales are sluggish, but one type of property is turning over faster than it has in years: realty offices. With half as many homes selling this year as during the boom in 2005, Realtors are closing, selling or consolidating their physical property. The culprit is home sales that have plunged from their record-setting peaks of 2005. In Pinellas, Hillsborough and Pasco counties, Realtors sold 2, 488 houses and condominiums last month. That compares with 4, 998 sales in April 2005 and 3, 783 last April. Trade groups representing Realtors report comparatively modest drops in membership. In the case of the Pinellas Realtor Organization, membership stands at 7, 300, a 7 percent dip from a year earlier. But even if Realtors keep their licenses active, fewer are making a living selling houses.

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