New Jersey Real Estate Digest: Northeast Region Sales Rise

Tuesday, August 28, 2007

Northeast Region Sales Rise

Existing home sales continue to decline nationally according to the National Association of Realtors. The median price of a home sold in July was 228,900, which is down 0.6 percent from July 2006 (230,200). The decline in July the 12th month of downward movement set a new record.
In the Northeast, however, both the median price (290,900) and the number of units sold rose. The number of sales increased 1 percent from last month while the median price of homes increased 5.9 percent from a year ago.

Lawrence Yun, NAR senior economist said, "The rise in sales and prices in teh Northeast region on a fairly consistent basis in recent months is promising because this was the first region that underwent sales and price weakness after the boom. Now, it appears that it will be the first region to climb back, indicating that other regions could follow a similar path."

While the things are looking up in the region New Jersey continues to have homes selling at reasonable prices.

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