Saturday, May 30, 2009

Existing-Home Sales Jump 11.6 percent

Once again, additional signs have emerged that point to an end to the economic recession. The newest "green shoots" include rising demand for big-ticket items such as appliances, fewer people applying for unemployment benefits and positive sales data in the housing market.
The latest statistics and other positive news over the past several months have had an impact on the outlook of both consumers and economists. In fact, the Conference Board's Consumer Confidence Index soared in May to the highest level since September 2008. Additionally, more than 90 percent of the economists surveyed by the National Association for Business Economics predict the recession will end this year.
The positive news specific to real estate shows that homes are selling:
  • The National Association of Realtors reported on Wednesday that existing-home sales increased 2.9 percent nationally in April, beating economists' forecasts. In the Northeast, existing-home sales jumped 11.6 percent.
  • Sales of new homes also rose in April. According to IHS Global Insight economist Patrick Newport, the new home sales numbers seem to confirm that the market for new single-family homes is flattening and may have hit bottom in January.
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist and a Home Marketing Expert.. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: or

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