The number of homes sold in the Northeast climbed 11.6 percent in April, the fastest pace in six months, although slower than last year's pace, according to data released yesterday from a real estate group.
Buyers started snapping up homes sold by owners in trouble, but the pace was still 10.6 percent slower than last year, according to the National Association of Realtors. Nationwide, the pace was more stable. Sales rose 2.9 percent over March and fell 3.5 percent compared with last year.
Also yesterday, government-released data showed New Jersey home sale prices fell in the first quarter this year 6.32 percent since the first quarter of 2008 and .75 percent over the fourth quarter of 2008. Still, home sale prices are 16.73 percent higher than they were five years ago.
Analysts predict New Jersey home prices will continue to fall at a rate of about 1 percent a month for the next few months, at least. Although the sales pace has increased, the number of homes for sale will continue to fluctuate and could even grow as foreclosures increase and homeowners step off the sidelines and brave the market.
There are always people who braved the market (maybe they were just not paying attention) after all there were still buyers last year! Braved the market seems to be a nice wording for those who really just knife-catching. Knowingly buying in a down market really does not make much sense. We are surprised that anyone is jumping in the market now with the expected further declines. But with this trend and predictions of market bottom perhaps the summer months will see some inclines - and not just of foreclosures.
... Or may not!