MarketWatch has reported that resales of U.S. single-family homes and condos rose 3.6% in June to a seasonally adjusted annual rate of 4.89 million, the highest level since last October, the National Association of Realtors reported Thursday. Resales have risen for three straight months.
The housing market appears to be healing, said Lawrence Yun, the NAR chief economist. The increase was higher than expected.
Inventories of unsold homes are still elevated and putting pressure on prices. The inventory of unsold homes on the market fell to a 9.4 month supply at the June sales pace, down from 9.8 months in May. Yun said that inventories would have to be at a 7 month supply to get price stabilization.
The median sales prices fell 15.4% in the past year to $181,800. Resale activity is concentrated in lower-priced home as a result of tax incentives, analysts said. Distressed properties (meaning short sales, foreclosures and bank owned properties) accounted for 31% of sales in June.
Another important thing to note is that in New Jersey, the number of home sales in the month of June 2009 increased by a whopping 12% more than the number of home sales for June 2008. In addition, there is now a nine-month inventory of homes for sale in NJ; that number was 16.9 months in January. That is an astounding 41% improvement in the amount of homes just sitting on the market that were unsold!
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AMBER NOBLE-GARLAND, CDPE
Strategic Marketing & Sales Expert
Short Sale Specialist
Weichert Realtors
455 Route 9 South
Manalapan, NJ 07726
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732-536-4400, ext 199 - office
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Amber:
There is good news from the Palmetto Housing Market. South Carolina Home Sales increased 13% in June. The number of homes sold in South Carolina has risen for the second-straight month. Are we out of the woods? NOPE!
However, these are encouraging numbers for the real estate industry. Slow and steady wins the race.