Tenafly Home Sales Up 23% Year Over Year

Lawrence Yun Chief Economist for The National Association Of Realtors - Click To View

According to the National Association of Realtors®  while existing-home sales were down in March they  continue to outpace year-ago levels.   Home prices are showing further signs of stabilizing, while inventory tightens.  Total existing-home sales are 5.2 percent above the 4.26 million-unit pace in March 2011. In Tenafly the cumulative Single family homes sales for the period ending March 31 are up 23% over the same period  in 2011.

Lawrence Yun, NAR chief economist, said the recovery is in the process of settling into a higher level of home sales.  “The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases,” he said.  “Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year.  With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year.” Read the full story on www.realtor.org