Joe Moshé Says Gains in Housing Markets Should Extend into Summer Season

Joe Moshé, Broker/Owner, Charles Rutenberg Realty, says the housing market’s performance in the spring should continue into the summer season as more buyers take advantage of the low interest rates and the market becomes more competitive, driving up prices as more homes come off the market.

Recent data shows that the residential Real Estate market may be seeing a turnaround. The Commerce Department recently reported that new home sales increased by 3.3% in April to a seasonally adjusted rate of 343,000, compared to 328,000 in March, when sales were off by 7.1% from the previous month. Meanwhile, the National Association of REALTORS announced that existing home sales in April were 3.4% higher than they were in March. Last month’s seasonally adjusted rate was 4.62 million was also 10% higher than the April 2011 figure of 4.20 million units.

The NAR also reported that the national median existing-home price was $177,400, a 10.1% year-over-year increase. It was also an improvement over March’s numbers, which was 3.1% higher than in February. It was the first time since the summer of 2010 that there was a back-to-back price increase. April also saw more first-time buyers, which accounted for 35% of all purchasers, compared to 33% in March. Interest rates stayed low; according to Freddie Mac, the average 30-year rate was 3.91% compared to 3.95% the previous month and 4.84% in April 2011.

“The rising number of homes being sold and the price increases are showing us that the residential Real Estate market may be turning upward,” Mr. Moshé said. “With many first-time homebuyers finally coming off the sidelines, making those big-ticket purchases, and taking advantage of low interest rates, I believe that — barring any economic upheaval — we will see a more robust Real Estate market in the coming months. People will feel more confident about the economy and finally buy the house they always wanted.”

Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 1,300 Agents associated in Long Island, Queens, Westchester, the Boroughs and Manhattan. For more information, call (516) 575-7500, or visit www.crrli.com.

About Charles Rutenberg Realty
Founded in 2006, Charles Rutenberg Realty of New York is one of the nation’s fastest-growing, most progressive Real Estate Agencies with over 1,300 Agents on Long Island, Queens, Westchester and Manhattan. Charles Rutenberg Realty specializes in residential properties in Nassau, Suffolk, Queens, Kings and Westchester Counties. Among the 1,900 independent Real Estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty has the highest market share for available inventory, listings taken for the first six months of the year and listings under contract. Its Agents are trained in the latest creative marketing programs and can fulfill all their clients’ financial and personal needs when buying or selling a home. Charles Rutenberg Realty is headquartered in Plainview, New York, with offices in New York City, Florida and Illinois. For more information, call (516) 575-7500 or visit www.crrli.com.

Hank Russell, Public Relations Director
PRMG
156 North Ocean Avenue
Patchogue, NY 11772
631-207-1057
hrussell@theprmg.com

This release was published on openPR.