Hunterdon County & Clinton NJ – a Seller’s Market?

This week the NAR (National Association of Realtors) reported that sales of existing homes has risen 3.4% in April to a seasonally adjusted rate of 4.62 million units. The comparison is to March when the trade group revised sales downward to 4.47 million units. Comparing these figures to the same month a year ago, existing home purchases were up by 10%.

Homebuyers continue to enjoy record-low mortgage rates where – depending on points paid – a mortgage for a 30-year fixed rate can run approximately 3.5%.

Foreclosures and short sales sold at deep discounts and accounted for 28% of the April sales. Foreclosures sold for an average discount of 21% below market value in April. The diminishing share of foreclosed property sales is helping home values, and added that an “acute shortage” of inventory in certain markets is leading to multiple biddings and escalating prices.

Another factor benefitting the market is that in some regions buying a home is now cheaper than renting.

The NAR Chief Economist Lawrence Yun declared that the housing recovery is underway. He stated that a return of normal home buying for occupancy rather than investment is helping home sales across all price points and that in some cities it is now a “Seller’s Market”.

NAR has indicated that listed inventories of homes for sale is 20.6% below what it was a year ago when there was a 9.1 month supply.

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