Bergen County NJ Real Estate Blog

The level of home sales is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8 percent from May. The July index remains 6.8 percent below July 2007 when it stood at 92.8.

Lawrence Yun, NAR chief economist, said home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he said. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”

Let’s take a look at Bergen County real estate sales statistics for August 2008 to see how the market is looking locally:

Bergen County Real Estate Sales Statistics:

Residential sales in Bergen County dropped by 16 percent in August compared to August 2007. The average market time increased reamined unchanged, while the average sale price decreased 6 percent to $662,858. The SP to LP ratio decreased by 1.64%.

 Sales in the Pascack Valley dropped 6 percent this August compared to August 2007. Market times decreased by 7 percent or 5 days. Selling prices decreased 4 percent to $678,939 and SP/LP ratios decreased 1.27%.

Northern Valley selling prices decreased 11 percent compared to August 2007. Market times remained the same, while the SP/LP ratio dropped .39%. The number of homes sold increased 26 percent.

To learn more about Bergen County real estate, please contact me at 201-930-3070 or visit PaulaClarkRealtor.com.

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