The Monthly existing home sales number came out last week and it is a bit re assuring. Overall in the U.S. the number of existing homes sold went up 3.6% from last month. This is a good sign as it shows that more houses are being sold.
More specifically in the Northeast, the increase in existing homes sold was 2.5% over last month and that too is a good number. The number could be better, but given the circumstances, it is good that there is an increase.
My thought is that the increase is partly due to the lucrative $8,000 tax credit. I wonder what the activity will be like when that incentive is gone. Time will tell.
The Month's Supply number is also better this month. It is now taking an average of 9.4 months to sell a house compared to last month's number of 9.8 and last year's number of 11 months!
So yes there are more positive signs in the housing market and I think that we are definitely on the road to recovery. I credit the news for taking the focus off of the housing market and turning to healthcare. This has taken the spot light off of us and now put it on health care individuals.
So if you know anyone that works in the healthcare industry, tell them to brace themselves.
If you or anyone you know is in need of mortgage financing, give me a call direct at 908 868 0685 or email me at erodriguez@arkmortgage.com
Thanks
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