Existing home sales up 3rd month in a row; prices jump 4%. (mortgage, unemployment)
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Agree but prices jumped 4% from the prior month. What happened over the past 12 months means that there are very good deals to be had.
In my neck of the woods, I don't see price jumped MOM. If there is any jump, that is because people are buying much better quality homes with the same or little more money. Plus it's the higher activity season. Watch what happens when the leaves start falling.
It's in the report, prices rose 4% from in June MOM.
"The median sales price was $181,800 in June down 15.4 percent from $215,000 in the same month last year, but up from $174,700 in May."
“We have finally bottomed out,” said Stuart Hoffman, chief economist at PNC Financial Services Group in Pittsburgh.
Improved affordability “is stalemating the drag from higher unemployment.” Hoffman forecast sales would rise to a 4.9 million pace.
Last edited by MoorestownResident; 07-23-2009 at 09:08 AM..
It depends more on WHAT was sold, than the actual value of all homes state-wide. Although I do agree it can give an idea of how the market is going it is not an absolute gage of the market itself.
I wish these guys would shut the heck up with these lame forecasts and get back to doing something to actually make it happen.
We still pay the predictors more money than the actual workers, something still ain't right.
It depends more on WHAT was sold, than the actual value of all homes state-wide. Although I do agree it can give an idea of how the market is going it is not an absolute gage of the market itself.
I wish these guys would shut the heck up with these lame forecasts and get back to doing something to actually make it happen.
We still pay the predictors more money than the actual workers, something still ain't right.
exactly, if one four million dollar mansion is sold and 3 $100,000 Bungalows are sold--- median sales price means nothing. In fact this is probably a reflection of Jumbo mortgage holders getting in trouble and having to sell.
No no all of you are wrong. I believe the housing market bottomed April of 2009. Cant you just see how great the numbers are? Moorestown am I correct when housing bottomed? I forget what you said.
The numbers are moving up, not down, as are prices. I can say around me the market bottomed a long time ago and we have been stable for quite some time. Nationally the market appears to have bottomed in early Spring and a slow recovery is clearly evident.
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