Tuesday, March 1, 2011

Things looking up as existing-home sales rise; but not in NJ

Realty Times’ Carla Hill reports on “Real Estate Outlook: Existing-Home Sales Rise”
“The housing market continues to keep experts and analysts on their toes.
"While existing-home sales rose again in January and are outpacing year-ago levels, we are still seeing a drop in home prices across much the country.
“Existing-home sales increased 2.7 percent in January and are 5.3 percent above January of 2010.”
“Regionally, the West saw the largest existing-home sales increase. In the West they rose 7.9 percent and are 7.0 percent above January 2010. The Midwest and South also saw monthly rises -- up 1.8 and 3.6 percent respectively.”
“The Northeast didn't fare as well. The Northeastern region is down 4.6 from December and down 1.2 from year ago levels.”
So, what does that mean for us in New Jersey? Unlike the groundhog’s prediction for an early spring this year, it’s as though the real estate market will continue in the doldrums.

Read the full post, Real Estate Outlook: Existing-Home Sales Rise

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