Since the National Association of Realtors made such a positive announcement today ("Big Rebound in Existing-Home Sales"), I thought I'd check to see how we're making out in our neck of the woods.
Good news! In Monmouth County, we're experiencing the same thing...
For single family homes September was up almost 15% for total number of homes sold compared with Sept '08. Unit sales were down from August of this year by a little less than 4%.
Overall we're still trying to compensate for the heavy reductions in sales experienced in late 2008 thru May 2009. Three of the past four months have shown an increase in unit sales. Despite this, unsold inventory remains high (although even that has shrunken somewhat (about 1.5% since last year.)
Many are pointing to the 1st Time Home Buyer Tax Credit (trying to beat the Nov 30th Deadline) which very well may be. Although the median sale price in September ($401,000) actually increased albeit ever so slightly.
All in all, still encouraging trends. I know there's lots in the news to make people feel a bit uneasy but hopefully even modest gains on the housing front will help rebuild confidence.
It is coming back! We are just outside of Vancouver, Canada and our market for the last 2 months has risen sharply over both 2007 and 2008.
Bruce & Liz,
that's great news... let's hope it continues throughout North America...thanks.