Good news from Jeff Otteau:
NJ Housing Recovery Picks Up In December
After pausing in November due to the after effects of Hurricane Sandy, New Jersey home sales resumed their upward trajectory with a 7% increase in December compared to the same month one year earlier. YTD home purchase contracts rose by an impressive 21% in 2012. Shifting to the supply side of the equation, the number of homes being offered for sale in New Jersey fell to their lowest level in 7 years.
Mortgage Rates
Average fixed-rate mortgage rates were up-and-down throughout January, but finished the month at their highest level since the week of September 13, 2012 (3.54% in the northeast region / 3.53% in the U.S.). Mortgage rates are still significantly lower than one year ago when they averaged 3.99%.
