Home Sales Skyrocket in March

New Jersey home sales improved for the 10th straight month but skyrocketed in March recording a 35% increase in homesales compared to last year. The driving forces behind the increase are pent-up demand over the past few years coupled with low mortgage rates and the federal home buyer tax credit program. Another likely contributor was a lower level of activity in February due to severe winter storms which deferred some home purchases into March. February sales activity would normally have risen steadily leading up to the prime Spring selling season. Now we are all waiting to see what happens as today is the last day to take advantage of the government tax credits, both with move up buyers and first time home buyers. Stay tuned!

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