Saturday, October 24, 2009

More good news for the real estate market in Mercer County, NJ

According to the National Association of Realtors (NAR) existing home sales rebounded strongly in September. This marks the fifth gain in the past six months for existing home sales. Single-family townhomes, condominiums, and co-ops jumped 9.4% with 5.57 million units sold, which is 9.2% higher than September 2008 and the highest level in more than two years.

The chief economist for the NAR believes that the first time home buyer tax credits are providing the momentum. With affordability conditions historically high, the first time buyers accounted for 45% of all home sales in the past year. Furthermore, Freddie Mac reports that the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.06 in September 2009, a full one percent less than one year ago.

So what did the houses sell for? The median price in the US was $174,900. By region:

  •  Northeast: $234,000, down 7% from one year ago
  • Midwest: $147,600, down 1% from one year ago
  • South: $153,500, down 7.6% from one year ago
  • West: $219,000, down 15% from one year ago
I think the report supports that buyers are making good choices based on affordable options. I would love to show you some of those affordable options right here in the Mercer County real estate market. Please call me today so that we can utilize the first time home buyer credit set to expire next month. Don’t wait! Call me today at 609-658-2612. ~ Joe Giancarli, http://www.njhomesource.net/  

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