Existing home sales jumped in February by 6.5% on a month-to-month basis and it was up 7.2% on a year-over-year basis.
In addition the high volume of homes sold cut into the available inventory, causing the homes for sale to fall to 1.47 million or 9.8% on an annual basis.This represents a true crisis in terms of home supply, which translates into just 3.1 months supply.
The tight supply might work well with some of the uncertainty that is being produced by the coronavirus.
The median home price in February also jumped up by 8% on an annual basis to $270,000.
Spring came early this year jumping into February. This represents the strongest spring housing market probably in over a decade.
Only within the Northeast were sales reported to be lower by 4.1%.
The West reported double-digit increases topping 19% year-over-year.
Obviously the record low interest rates came into play as well as the strong economic trajectory and good weather.
Realtors are reporting a drop in buyers and traffic with concerns over communicating coronavirus to homes.
According to Realtors, the big push is for virtual open houses.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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