U.S. Home Sales Market on the Rise

new-jersey-home-sales-upAccording to the National Association of Realtors®, first quarter statistics again point to better home sales figures. This time it was the prices of single family homes that rose in half of the major cities in the United States. Because of the wide differences between regional and state conditions, these figures are never in 100% lockstep, but Eastern Monmouth homeowners should be encouraged by the report’s breadth: prices rose in more than twice as many cities as fell.

Of course, rising prices are always good news for homeowners who want to sell their homes; but beyond that, the effect of movement in that direction is welcome throughout the economy. Consumer confidence is strongly influenced when home sales pricesstabilize (just as it is rocked when prices fall).

There are a multiple reasons for the upswing in prices for home sales:

Employment Rates  Improve Although unemployment rates are still relatively high, the U.S. Bureau of Labor reported that the overall rate fell to 8.1 percent in April. Even for those who are currently employed, the knowledge that more jobs are out there is encouraging. When the specter of prolonged joblessness recedes, financial confidence rises and home sales can be expected to follow.

Low Mortgage Rates  Mortgage rates are still at historical lows — and the effect on affordability is dramatic. Currently the national 30-year fixed rate is at 3.97% according BankRate.com. As I have discussed before, although lenders have raised the requirements to quality for a loan, such low interest rates make a mortgage more affordable for eligible homebuyers.

Fewer Homes Available  Despite the inventory of foreclosed properties, fewer homes were available for sale this year than during the same period in 2011. Nearly always, home sales register higher prices when the housing market tightens – and that did seem to be happening in a growing number of metropolitan areas.

Higher prices for single family homes is a strong indicator of an improving economy: one that bodes well for everyone in the housing market.  You can get a quick start by using our quick home estimator tool, but statistics do vary by neighborhood, so if you are considering selling your Jersey Shore area home this summer and want up-to-date, personalized information, contact Patrick Parker Realty for a market update.

Patrick Parker Realty
644 Main Street
Bradley Beach, NJ 07720
732.455.5252
info@patrickparkerrealty.com
www.patrickparkerrealty.com

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About Patrick Parker Realty

Patrick Parker Realty, an independent boutique brokerage located in the heart of Bradley Beach is your local market leader. We understand the demands of a changing real estate market and avail ourselves of the latest industry information and tools to ensure excellent results. Our Commitment to You Our seasoned Real Estate Agents are committed to providing all of our clients, from first time sellers to veteran real estate investors, quality and friendly service. We walk you through every step of the sale process offering the guidance, feedback, and expertise needed to ensure your complete satisfaction.
This entry was posted in Bradley Beach Information, bradley beach real estate, Buyers, CMA, Competitive Market Analysis, home price, home sales, inventory, jersey shore real estate, New Jersey Real Estate, New Jersey Real Estate Trends, pricing, pricing your home to sell, Real Estate Market Trends, real estate market update, Real Estate News, Real Estate Trends, Sellers and tagged . Bookmark the permalink.

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