Tuesday, July 25, 2006

Existing Home Sales Down

It’s pretty easy to see that home sales at the Shore have slowed.

I like to watch what is going on in Hoboken and Jersey City and I have been told that not too many deals are getting done. Instead, the rental market is heating up after four or five years of virtually no ability for landlords to increase rents. The increase in interest to rent is probably a sign that there is a decrease in interest to buy. Also if you look at Craigslist.com you can see that some condo owners are now trying to rent out apartments in JC and Hoboken. What looks like is happening up there is that condos that were intended to be flipped are not selling and instead these flippers are trying to rent them out.

“The pace of sales of existing homes in the United States fell 1.3 percent in June to the slowest since January as condominium sales tumbled and selling prices marked their weakest gains in 11 years, a trade group said on Tuesday.

Sales of existing U.S. homes fell to a seasonally adjusted annual rate of 6.62 million units in June from an upwardly revised rate of 6.71 million units in May, the National Association of Realtors said. June's rate was down 8.9 percent from the 7.27-million-unit pace set a year earlier.”

Full article…


Anonymous Anonymous said...

All you have to do is look at the local real estate magazines or the Sunday APP - the same listings for months and at the same prices.Most of these sellers are probably not serious, if they were they would be reducing their asking prices. I'm surprised that realtors are spending so much money advertising listings that are not selling.

Wednesday, July 26, 2006 6:39:00 PM  

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