NJAR 2007.Q1 Sales Data

9 Responses to NJAR 2007.Q1 Sales Data

1. BklynHawk says:

   June 15, 2007 at 8:42 am

   I’ll throw out the first comment. Interesting that counties where prices went down, volume went up and vice versa (look here for a refresher on price elasticity http://en.wikipedia.org/wiki/Price_elasticity_of_demand). Only three counties had negative price trends and sales volume trends – Essex, Middlesex and Ocean.

   And, as to the almighty Bergen county, that must be a mistake, prices don’t go down!!!
2. syncmaster says:

   June 15, 2007 at 8:53 am

   Hmm, Somerset County seems pretty strong.
3. James Bednar says:

   June 15, 2007 at 8:58 am

   Keep in mind that we’re talking Q1 here. We clearly saw contracts pick up speed throughout North/Mid Jersey through this time period as rates were hitting new lows. A number of individuals believed that they were seeing a “bottoming” or “recovery” of the market during this time (Otteau, etc). This was also prior to the brunt of the ‘subprime shakeout’.

   It’ll be interesting to see what the Q2 data looks like, unfortunately we’re going to be waiting 3 months for it.

   jb
4. Stan says:

   June 15, 2007 at 9:00 am

   It is interesting how much Sussex county boosts the overall median Northern NJ price when there were significant declines in 4 of the 10 counties.
5. ac says:

   June 15, 2007 at 9:19 am

   jb,

   Are townhouse/condos included in these numbers? Thanks.

   ac
6. HOUSE OF CARDS says:

   June 15, 2007 at 9:24 am

   fyi New video Today! Subprimes, Foreclosures, the Fed and an Economist

   http://www.paperdinero.com/BNN.aspx?id=228

   A series of segments discussing topics from the subprime meltdown on Bear Stearns latest results, the Mortgage Bankers Association record quarterly results for foreclosures and new proposals for the Federal Reserve action against subprime and predatory lending. Includes an interview with PNC Financial Services Group Economist Stuart Hoffman who sees housing as a drag on the economy for the rest of 2007 and into 2008.

   Originally aired on: 6/14/2007 on Nightly Business Report

   Running Time: 9 minutes 9 seconds
7. Rich In NNJ says:

   June 15, 2007 at 9:56 am

   Don’t know whay they have missing data for the number of homes sold in Bergen County for 2006-Q1 in the last chart?

   Here is the # sold info from NJMLS for Bergen County SFH:
   1999-Q1 1386
   2000-Q1 1210 -12.7
   2001-Q1 1171 -3.2
   2002-Q1 1352 +15.5
   2003-Q1 1252 -7.4
   2004-Q1 1358 +8.5
   2005-Q1 1302 -4.1
   2006-Q1 1147 -11.9
   2007-Q1 1178 +2.7
8. HOUSE OF CARDS says:

   June 15, 2007 at 12:45 pm

   Lennar’s outlook now negative, was stable – Moody’s
   Fri Jun 15, 2007 12:09 PM ET

   NEW YORK, June 15 (Reuters) – Moody’s Investors Service on Friday changed its rating outlook on Lennar Corp. to negative from stable, indicating there is greater chance of a rating downgrade over the next 12 to 18 months.

   Lennar’s operating performance will likely weaken as conditions remain challenging in the home-building industry, Moody’s said in a statement.

   Lennar, the No. 3 U.S. home builder, has been hurt by a steep downturn in the housing market as climbing interest rates and a crisis in the subprime mortgage area curb demand.

   Moody’s now rates Lennar’s senior unsecured debt “Baa2,” the second-lowest investment-grade rating.

   Lennar’s 6.5 percent notes due in 2016 traded on Thursday at 96.95 cents on the dollar, according to MarketAxess. There were no significant trades on Friday.
9. Lindsey says:

   June 15, 2007 at 11:32 pm

   Please note how these numbers compare to those originally released by NAR, which had NJ showing a YOY sales gain for the quarter, showing only unadjusted numbers.

   Now that better numbers are in the 7.6% increase has become a 4.4% decline. A swing of 25K homes.

   Thanks for getting this up JB, I was watching for it.

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