Case-Shiller Reported Today that the Price of U.S. Homes Rose for the First Time in 3 Years
Embedded video from CNNMoney.com Video
The month-over-month sales increase, from April to May, was .5 percent (the index lags by 2 months). It was the 1st increase in the index since July 2006. While 0.5 percent may not sound like much, consider that this would equate to a 6 percent increase on an annual basis if these numbers were to hold up for the next 12 months. That would be a huge turnaround.
This is great news for Ridgewood Real Estate and for the overall housing market. And also for the US economy in general. The Case-Shiller report is no joke. It may be the most respected and widely referenced data source for housing news. This report comes on the heels of other good news on new home sales, housing starts, housing permits, etc.
Sam Zell was quoted on the CNBC website today saying “After posting three straight months of positive data, the residential real estate market has reached an equilibrium where prices will stop falling…”
Obviously, things can change day to day but all of this good news coupled with what I am seeing locally here in the Ridgewood Market leads me to believe we are seeing a bottom. How sharp the uptick will be reamains to be seen but it is great to hear some positive news on the housing front - for a change.
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About Al Donohue
Al Donohue heads up Marron Gildea & Donohue’s Ridgewood office and is one of the top agents in Bergen County.
Al attributes much of his success to lessons learned during his years as a top sales executive on Wall Street. Most of Al’s clients are busy professionals and business owners and they love the fact that he speaks their language and understands the incredible demands on their time. Al stays in constant touch with his clients not only through phone calls and face-to-face meetings but also through email, instant messaging, and web pages created specifically for his clients. Clients can view the status of the sale of their home, read feedback from agents that have shown their home and review the status of their personal marketing plan 24-hours-a-day via their personal web page.
Al understands that technology is just a tool and says it is really his focus on providing world class customer service that has enabled him to achieve great results for his clients. He says the key to his success has been his ability to listen more than he speaks and always put the needs of his clients first.
