Saturday, February 20, 2010

Gains in 4th Quarter Real Estate Sales in New Jersey

Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to NAR, the National Assn. of Realtors.

Sales increased from the third quarter in 48 states and the District of Columbia; 32 states even saw double-digit gains.  Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.

Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008.  Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

In the fourth quarter, 67 out of 151 metropolitan statistical areas reported higher median existing single-family home prices in comparison with the fourth quarter of 2008, including 16 with double-digit increases; one was unchanged and 84 metros had price declines. In the third quarter, only 30 MSAs showed annual price increases and 123 areas were down.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less.

“This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices,” Lawrence Yun, NAR Chief Economist, said. “Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable."

Northeast Results:  “In the Northeast, markets with lower median prices that have avoided wide swings, such as Buffalo, are generally showing consistent price gains,” Yun said. “Even so, some of the higher cost areas are showing signs of stabilization, such as Nassau-Suffolk, N.Y., and Boston.”

Condos:  Metro area condominium and cooperative prices – covering changes in 54 metro areas – showed the national median existing-condo price was $177,300 in the fourth quarter, down 4.8 percent from the fourth quarter of 2008.   Eleven metros showed increases in the median condo price from a year earlier and 43 areas had declines. In the third quarter, only four metros experienced annual price gains.

Contact me for a detailed analysis of any real estate market in Mercer County, and Burlington, Monmouth, and Middlesex Counties as well.  If you are thinking of buying or selling in Hamilton, West Windsor, Ewing or other Mercer Counties locations, I'm the expert you need on your team.

Joe Giancarli, Sales Associate
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.net/
http://www.newjerseynewhomes.blogspot.com/






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