The Passaic County Housing Market Showing Signs of Improvement
Pending home sales show signs of improving with some buyers waiting for clarity on the extension for the housing stimulus provisions, according to the National Association of Realtors®. Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6.
Lawrence Yun, NAR chief economist, predicts the expected boost to existing home sales by more than 20 percent in the first half of 2010 from comparable period one year before will sufficiently trim away inventory such that home values will begin to show increases by the middle of next year in many parts of the country. The median existing home price could rise by 2 to 4 percent in 2010.
Let’s take a look at the Passaic County real estate sales statistics for November to see how the market looks in our area:
The number of active listings in Ringwood have have decreased by slightly in November of 2009 when compared to November 2008. Sold listings have remained fairly consistent; however, the median sales price has increased by 4.6% and the average sales price has increased by 37% to $509,375 with market times increasing 23% or 23 days
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