Friday, June 6, 2008

Homes Sales UP!!!!!!!!

N.J. bucks national trend: Q1 home sales up 4 percent
by Sam Ali
The price of a single-family home in the U.S. dropped 7.7 percent in the first quarter _ the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982.
In the first quarter, the median existing single-family home in the U.S. stood at $196,300, down from the $212,600 median for the first quarter of 2007, the group reported today.
But while other states saw their home values plunge, a number of areas in New Jersey saw a slight rise in home sales prices during the first quarter.
NAR's report of metropolitan statistical areas showed that first quarter median sales price of existing single-family homes in the Atlantic City area increased by 4.8 percent. The median sales price grew from $264,600 in the first quarter of 2007 to $277,400 in 2008. The Trenton-Ewing market also experienced an increase in median sales price. The median sales price rose from $283,800 in the first quarter of 2007 to $288,200 in 2008, an increase of 1.6 percent.
The quarterly survey of metro region prices showed that median prices in 100 of 149 metro areas fell in the first quarter of 2008.
Meanwhile, the NAR reported today that total sales for single family homes, condominiums and co-ops in the U.S. dropped by 22 percent from the previous year. However, New Jersey was one of only three states to show an increase in home sales for the first quarter.Sales volume of existing single-family homes, condominiums and co-ops in the first quarter of 2008 increased 4 percent from the same period last year. New Jersey's seasonally adjusted annual rate of home sales equaled 169,600. The other two states that also experience an increase in sales volume in the first quarter were Alaska and Illinois. Visit for more information on homes in New Jersey.

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