The latest government figures released today showed that new home inventories continued to shrink in April bringing the available number of newly-built, single-family homes to their lowest level since 2001. This is a good sign according to Joe Robson, chairman of the National Association of Home Builders (NAHB) because it trims down the backlog of homes to a more manageable level. Across the nation there is predicted to be approximately a 10-month supply of new homes for sale.
Of course every market is slightly different. According to the Mortgage Bankers Association, other figures released today showed foreclosures remaining high in Florida, California, Nevada and Arizona.
Meanwhile, the National Association of Realtors (NAR) announced that existing-home sales rose by 2.9 percent in April. They also said that home prices were lower than this time last year.
So what does this mean for the real estate market in and around Mercer County, New Jersey? I think it means we should move forward with cautious optimism. We have options in both the new and existing home markets. We have values in both the new and existing home markets and we have buyers and sellers in both. If you want to know what cautious optimism looks and feels like, give me a call at(609) 658-2612. Let's explore the options in Mercer County together.
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