Local: Monmouth County home sales experienced a staggering 120% increase in July, more than doubling the sales of the previous year (1678 vs 763). Year-to-date Monmouth's sales are still down significantly ~ -36% ~ but the recent sales figures are certainly encouraging. Condo sales also experienced a large increase, with an almost 65% increase over sales in July 2008.
Price-wise Monmouth's July figures show a median sales price increase of 7.3% from June but still 8.5% lower than July 2008.
National: In July new home sales across the nation jumped more than forecast, reinforcing signs the economy is rebounding from the the recession. Nationally, home sales increased 9.6% in July, the most in four years, to a 433,000 annual pace, the Commerce Department said. July's national home sales pace was the highest in 10 months and exceeded all estimates.
The median price of a new home decreased 12 percent to $210,100 from $237,300 in July 2008.
The jump in sales was led by a 32 percent surge in the Northeast. Purchases increased 16 percent in the South and 1 percent in the West. They dropped 7.6 percent in the Midwest.
Good to see that you are experiencing a strong market. The first time buyers that wish to receive the $8,000 tax credit need to move quickly to meet the 11/30 settlement deadline.
Encouraging statistics. Hopefully this will be sustainable and not just a temporary increase from the first time home buyers tax credit.
Gabe & Roy: Thanks for the feedback. The 1st Time Buyers are certainly a factor but I also think there's been a slight repositioning of consumer perception in our market that maybe it's "safe" to get back in the game as a buyer. At least I hope so... I'm always looking for light at the end of the tunnel.. Hopefully it's not an oncoming train!
Hi Thomas, Good post. Thanks for sharing.
Best - Sash