The clearer skies in March lead to an increase in new-home sales according to the Commerce Department. Good news for the housing industry but it was not enough to offset the decline of January and February. The sale of single-family new-homes sold at a seasonally adjusted rate of 858,000. With durable goods big-ticket items rising also it is no wonder the Dow rose to record levels yesterday. Confidence seems high for the moment, though analysts say manufacturing remains under pressure from the slowing economy.
Read the article here.
Read the Commerce Departemnt report
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Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Economics, New-Home Sales, Economy
For more information on Real Estate in New Jersey visit here.
Showing posts with label Housing Market Looking Up. Show all posts
Showing posts with label Housing Market Looking Up. Show all posts
Thursday, April 26, 2007
Friday, December 29, 2006
Housing Market Looking Up
Well it is official, existing home sales were up 6% in the Northeast and .8% in the West, remained unchanged in the Midwest, and fell 1.6% in the South, according to the National Association of Realtors(NAR). While I’ve heard the words bubble burst, recession, and crash referred to the events of 2006, softening is probably the best explanation of what happened in the real estate marketplace and now things may just be stabilizing.
The Fed said new home sales in November rose (3.4% with the median price $251.700). That means builder inventories are decreasing and buyers are trickling back into the marketplace. Looks like the word has spread sufficiently that we are in a buyer’s market and properties must be priced for this market rather than 2005’s market.
NAR also said median price of existing home sales was $218,000 in November meaning half the homes sold cost more and half cost less. Also NAR reports existing-home inventories are decreasing too. We need both this section to recover to start 2007 right.
May each of you have a Happy and Prosperous Year!
Read the NorthNJ.com report
Read the NAR report
Read NJ.com report
For more information click here.
Technorati: NJ Real Estate News, Real Estate, NJ Real Estate Blogs, NJ Housing, New Jersey, Housing News
For more information on Real Estate in New Jersey visit here.
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