NJAR® Releases Statement Regarding 3rd Quarter Home Sales Report
Edison, NJ – November 10, 2009 – (RealEstateRama) — Reacting to the NATIONAL ASSOCIATION OF REALTORS®‘ (NAR) 2009 Third Quarter Metro Home Prices/State Resales report, New Jersey Association of REALTORS® (NJAR®) Executive Vice President Jarrod C. Grasso, RCE, today issued the following statement:
“The real estate climate in New Jersey is heading toward stabilization. Existing home sales in the state rose 8.5 percent in the third quarter of 2009, compared to the third quarter of 2008. This pace outperformed the national rate of resales, which is up only 5.9 percent when comparing the third quarter of 2009 to that of 2008. This is also the second consecutive quarter-over-quarter increase in New Jersey this year.
“The jump in third quarter activity in New Jersey as a whole can largely be attributed to the summer and early-fall rush of first-time home buyers aiming to close in time to obtain the $8,000 tax credit. Thankfully, President Obama’s approval of an extension of the tax credit will allow those purchasers extra time to close on their first home since the expiration is now extended until April 30, 2010. The legislation also expanded the tax credit to offer $6,500 to repeat buyers. These incentives, paired with the passage of increased loan limits from the Federal Housing Administration (FHA), Freddie Mac, and Fannie Mae available through December 31, 2010, make for a prime opportunity for various buyers in this market.
“New Jersey’s eight metropolitan statistical areas (MSA) are becoming more affordable and attainable for those buyers looking to make the Garden State their home. Median prices of existing single family homes have declined yearly when comparing the third quarter 2009 to 2008. However, each of the state’s MSAs has shown a quarter-over-quarter increase in sales price. This demonstrates that the federal stimulus incentives are showing promise by bringing more first-time and repeat buyers into the arena, thus fueling competition in the marketplace.”
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The New Jersey Association of REALTORS® is a non-profit organization serving the professional needs of approximately 50,000 REALTOR® and REALTOR-ASSOCIATE® members in the state. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics and are members of the national, state and local REALTOR® organizations. For more information, please visit www.njar.com.
For media inquiries contact:
Lauren Castellano
Media Coordinator
Phone: (732) 494-4709
Fax: (732) 404-8130
E-mail: lcastellano (at) njar (dot) com
For legislative related media inquiries contact:
Danielle Alpert
Government Relations Coordinator
Phone: (732) 494-4730
Fax: (732) 404-8127
E-mail: dalpert (at) njar (dot) com
