Americans bought homes in October at the fastest pace in nearly a decade. The National Association of Realtors said Tuesday sales of existing homes rose 2 percent to a seasonally adjusted annual rate of 5.6 million. Sales reached their strongest pace since February 2007, a sign the market is still healing from the collapsing prices and foreclosures that ignited the 2008 financial crisis. A stable job market and historically cheap borrowing costs have spurred demand from homebuyers this year. But sales growth has been tempered somewhat by accelerating prices and a shortage of properties on the market.
They further state that this "supply crunch" shows little sign of reversing itself. Sales listings have fallen 4.3 percent over the past year to 2.02 million homes. The shortage has pushed up the median sales price of existing homes 6 percent from a year ago to $232,200.
In Atlantic County, the numbers of sales of single-family homes and condos in October rose to 360, 78 more sales than a year ago, according to regional Multiple Listing Service data. However, the median single-family home sold for $178,000 last month, $6,000 less (-3.25%) than in October 2015.
The average 30-year, fixed-rate mortgage climbed to almost 4 percent from less than 3.5 percent at the end of October. For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: Info@AppraiseNewJersey.comCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce