The National Association of Realtors reported that nationally a drop in the number of previously owned homes sold in October compared to the previous year. This is not unexpected news since many home buyers were surprised by the sudden increase in mortgage rates that eroded their buying power. In our own market, Central New Jersey, sales are down but our company has seen an increase in the number of homes sold over the September/October period as compared to the previous year’s sales. In particular home sales are still very strong in the towns of East Brunswick, Old Bridge, Monroe & Metuchen as we see it.
Going into the spring market we are expecting in increase sales over our previous year. We believe the economy will continue to improve and the home buyers that left the market this fall will re-enter the real estate market and buy a home.