May Shows a Continued Strong Pace for Existing-Home Sales
Nationally, existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).
Existing-home sales in the Northeast, however, were at a seasonally adjusted annual rate of 890,000 units in May, down 18.3 percent from 1.09 million units in April.
May closings are 12.7 percent above the 7.9 million-unit level from May 2009.
For more information on May's existing home sales, view the
NAR press release.
1st Quarter
2010 Metro Area Market Reports Released
NJAR® has recently updated the Research & Statistics section of www.njar.com
with the latest metro market reports for the
1st quarter of 2010. Reports for the regions below evaluate a number of factors affecting home prices, including the local job market, foreclosure rates, housing inventory and debt-to-income and mortgage-servicing-costs-to-income ratios.
1st Quarter Home Sales Report Released
According to the NATIONAL ASSOCIATION OF REALTORS®' (NAR) 2010 First Quarter
Metro Home Prices/State Resales report released on Tuesday, May 11, a growing number of metropolitan areas are experiencing price gains from a year ago, while most states have seen healthy gains in home sales from the first quarter of 2009.
Reacting to the report, NJAR® Chief Executive Officer Jarrod C. Grasso, RCE issued the following statement:
"The real estate market is cyclical and reacts in concert with many factors, so ups and downs are expected. We can be confident in the steadiness of New Jersey's local markets, as they are supported by tourism, transportation infrastructure, and proximity to popular destinations such as New York and Philadelphia. These are just some of the dynamics that make our state an attractive place to live."
To read more from Grasso, view the NJAR® press release. You can also read comment from Grasso in 1st Qtr Report: NJ in Top 3 in Home Sales from NJ 101.5and “Home re-sales rise in New Jersey,” from WHYY News.
To read more from NAR, read their press release. You can also access NAR's data.
Existing-Home Sales Rise on Tax Credit and Favorable Market Conditions
Buyers responding to the home buyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR). U.S. existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the March 2009 level.
Total housing inventory at the end of March rose 1.5 percent to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace. This is down from the 8.5-month supply in February.
In the Northeast, existing-home sales increased 6.0 percent to an annual level of 890,000 in March and are 25.4 percent higher than a year ago. The median price in the Northeast was $249,800, up 8.9 percent from March 2009. For more information, read NAR's press release.
Vacation Home Sales Show Recovery
Vacation-home sales recovered in 2009 while investment sales fell sharply, according to the National Association of REALTORS® (NAR) The association's 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales up 7.9 percent to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008. Primary residence sales rose 7.1 percent to 4.04 million in 2009 from 3.77 million in 2008. "The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retreat," says NAR Chief Economist Lawrence Yun in NAR's press release. "Investment buyers primarily seek rental income, with six in 10 planning to rent to others, although one in five wants a family member, friend or relative to use the home."
New Jersey International
Business Report Released
International
transactions are of
increasing importance.
With the expansion of
international trade, the
flow of people across
borders has also
increased rapidly, and,
therefore, the demand
for real estate in both
residential and
commercial sectors in
conjunction with
international
transactions has been on
the rise. The NATIONAL
ASSOCIATION OF REALTORS
(NAR) has recently
issued state-by-state
reports on international
transactions. The
purpose of the current
state-by-state reports
is to present recent
economic and demographic
data related to
international business
activity directly
associated with each of
the states. View
New Jersey's
International Business
Report here.
National Housing Statistics
The
NATIONAL ASSOCIATION OF REALTORS® (NAR)
conducts research and has available several
reports such as national housing statistics, and
economic indicators and forecasts.
NAR's housing statistics include
Existing
Home Sales, Pending Home Sales, Metropolitan Area Home Prices,
State
Existing-Home Sales and the Housing
Affordability Index.
