Home sales of existing single family homes, condos and townhouses rose in June. According to the National Association of Realtors this marked sales 4.4% higher than last year at this time. Here in the northeast, which includes New Jersey, bought homes for sale rose 3.4%
The medium price for all existing homes rose to $219,000, a 14.7% increase from June 2004. That is the fastest pace of year over year price appreciation since November 1980. The medium is an average of the highest priced homes and the lowest.
Why the increase? It is the old supply and demand rule. There is more buyers than properties available. This makes it a sellers market.
This higher than expected sales data bolsters forecasts for a heathy economy in the second quarter of the year.
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