Pending Sales up over last year
According to the National Association of Realtors (NAR), pending home sales eased in December after reaching a 19-month high, but remained above year-ago levels.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 3.5 percent in December when compared to November’s results, but is 5.6 percent above December 2010.
Lawrence Yun, NAR chief economist, said the trend line remains positive. “Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period,” he said.
Yun also recognized that contract failures are still an issue, but that many homebuyers are finding ways to complete their purchases. For example, some buyers successfully complete the sale after a contract delay, while others stay in the market after a contract failure and make another offer.
“Housing affordability conditions are too good to pass up,” he said. “Our hope is lending conditions will gradually improve with sustained increases in closed existing-home sales.”
January Sales in Basking Ridge
| 72 Gerard Ave | $540,000 | |
| 86 Vanderveer Drive | $998,800 | |
| 11 E. Ash Street | $815,000 | |
| 40 Sentinel Drive | $1,056,000 | |
| 17 Berta Place | $801,000 | |
| 11 Archgate Road | $690,000 | |
| 27 Crest Drive | $657,500 | |
| 116 Huntington Road | $576,000 | |
| 2 Commonwealth Dr. | $232,500 | |
| 380 Potomac Drive | $275,000 | |
| 322 Alexandria Way | $425,000 | |
| 84 Countryside Drive | $285,000 | |
| 38 Roberts Circle | $480,000 | |
| 223 Alexandria Way | $170,000 | |
| 180 Patriot Hill Drive | $590,000 | |
| 82 Dorchester Drive | $408,000 | |
| 162 Alexandria Way | $230,000 | |
| 436 Penns Way | $280,000 |
