Housing Turnaround Picks Up Steam

The housing industry recovery has been underway for a while now, but for the most part, the upward movement has been moving at a snail’s pace. Experts are in broad agreement that the trend is there — but the turnaround rate has been tepid. For those of us watching from our Monmouth-area homes, it’s been a pretty unexciting rebound.

Homes-Sales-on-the-RiseSo last week’s good national news on existing home sales was especially welcome, because the report indicated that the 5.9% increase was more than three times greater than economists expected. According to the National Association of Realtors in Washington, the index of pending home resales climbed 5.9% to 101.1.  This matches the two-year high reached in March.

“This improvement adds to the recent flow of good news on the housing sector, reinforcing our view that this beleaguered sector is finally on the mend” was what Millan Mulraine, a senior U.S. strategist at TD Securities in New York, wrote to his firm’s clients. Bloomberg News’ 39-economist survey had called for a 1.5% gain in May. Tripling that — and more — was wholly unexpected, especially in light of recent reports of weakening consumer sentiment.

Continued low mortgage rates, first-time buyer affordability, and a general sentiment that we have reached the bottom in home sales continue to contribute to the home sales rebound. Additional good news came specifically for developers and builders: a Commerce Department report showed in June that new home sales climbed to 7.6%.  New dwellings accounted for almost 7% of the market last year, compared to a high of 15% during the market peak.

So what does such national home sales data mean to home sales here in our area?  Real estate is nothing if not local.  These trends are representative of a compositive of local communities just like the New Jersey Shore area.

If you are considering selling your home and want the latest local information on prices and market activity, contact Patrick Parker Realty to discuss those trends and how they are affecting our own area home sales.

Patrick Parker Realty
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, Financing, home price, home sales, inventory, jersey shore real estate, New Jersey Real Estate, New Jersey Real Estate Trends, pricing, Real Estate Market Trends, real estate market update, Real Estate News, Real Estate Trends, Sellers and tagged . Bookmark the permalink.

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