The NAR released their 2005 Q4 median home price data today:
Median Sales Price of Existing Single-Family Homes
as well as the following press release:
HOME-PRICE APPRECIATION STAYS HOT ACROSS COUNTRY
NorthEast
2005:I 246.2
2005:II 243.1
2005:III 249.2
2005:IV 240.3
Atlantic City, NJ
2005:I 217.4
2005:II 244.9
2005:III 247.6
2005:IV N/A
New York-Northern New Jersey-Long Island, NY-NJ-PA
2005:I 412.5
2005:II 452.7
2005:III 461.1
2005:IV 459.6
New York-Wayne-White Plains, NY-NJ
2005:I 456.6
2005:II 506.8
2005:III 533.6
2005:IV 537.3
NY: Edison, NJ
2005:I 343.1
2005:II 394.1
2005:III 386.9
2005:IV 384.6
NY: Newark-Union, NJ-PA
2005:I 380.4
2005:II 414.4
2005:III 446.8
2005:IV 427.6
Trenton-Ewing, NJ
2005:I 225.4
2005:II 264.3
2005:III 290.5
2005:IV 243.1
Caveat Emptor!
Grim
How is that hot when only one area actually increased?
Every other region had a declient from 3rd quarter data.
“The children of the baby boom generation, often called the echo-boomers, are the second largest generation in U.S. history and are just entering the period in which people typically buy their first home. Along with a strong immigrant impact, and the boomers themselves who remain in peak earnings years, this means the need for housing will stay strong over the next decade and long-term prices will continue to rise,” Stevens said.
Great, I’m an echo-boomer.
-Richie
Drops really are not that obvious yet because we didn’t see a big dropoff in existing home sales until Q4. NJ is running a bit behind the rest of the Northeast and some other bubble markets.
NAR Total Sales
(Seasonally Adjusted Rate, 000s)
Northeast
2004:IV 1,130
2005:I 1,127
2005:II 1,207
2005:III 1,200
2005:IV 1,100
(-2.7% YOY decline)
New Jersey
2004:IV 175.4
2005:I 178.5
2005:II 198.1
2005:III 213.6
2005:IV 161.9
(-7.7% YOY decline)
grim
Grim wrote:
New Jersey
2004:IV 175.4
2005:I 178.5
2005:II 198.1
2005:III 213.6
2005:IV 161.9
(-7.7% YOY decline)
Yeah baby!
It’s the near 25% drop in Q4 versus Q3 that catches my attention.
Keep in mind those numbers are seasonally adjusted. Which means it’s not a ‘normal slowdown’. In fact, with a decline that steep, it’s more like hitting a brick wall.
grim
see this link. this makes no sense to me. this house was orig listed at $650k then dropped to $600k then withdrawn and relisted at the orig. $650k again. it just sold for $651k. are the buyers stupid? didn’t their realtor find the expired original listing?
folks, this is why this bubble will last alot longer, cause buyers today are just plain dumb.
http://listings.gsmls.com/SearchDetail/Scripts/PrtBuyFul/PrtBuyFul.asp?prp=Mls&MlsNumList=2218113
Richard, could be stupidity, a bidding war, or both.