Thursday, February 11, 2010

Existing Home Sales Surge in The Northeast

I just read an interesting report from the National Association of Realtors that states that Q4 '09 existing home sales are up 13.9% overall nationwide. The Northeast is up 11.1%.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less. This is the smallest price decline in two years.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit was the dominant factor. “The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates,” he said. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

The trend of lower prices in Hoboken and downtown Jersey City will be coming to and end if this trend continues.

Information provided by:

Kevin Dowd
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
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