July Home Sales ~ A Promising Sign?

Real Estate Agent with Resources Real Estate

LocalMonmouth 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.

Posted by

Thomas McCormack
Managing Partner - Broker
Resources Real Estate
Rumson, NJ  |  Monmouth Beach, NJ  |  Red Bank, NJ

Comments (4)

Roy Kelley
Realty Group Referrals - Gaithersburg, MD

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.

Sep 11, 2009 11:47 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Encouraging statistics.  Hopefully this will be sustainable and not just a temporary increase from the first time home buyers tax credit.

Sep 12, 2009 12:06 AM
Thomas McCormack
Resources Real Estate - Rumson, NJ

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!

Sep 12, 2009 12:20 AM
Sasha Miletic - Windsor Real Estate
RE/MAX Preferred Realty Ltd. - Windsor, ON

Hi Thomas, Good post. Thanks for sharing.

Best - Sash

Sep 12, 2009 01:03 AM