Charles Rutenberg Realty Broker/Owner Joe Moshé Comments on Decline in Existing Home Sales in May

June 22, 2010 - PRLog -- Joe Moshé, Broker/Owner, Charles Rutenberg Realty, said the decrease in existing homes during the month of May could be attributed to the expiration of the federal tax credit, but said he could see a resurgence in home sales this month as mortgage rates fall to record lows and home prices begin to stabilize.

The National Association of Realtors reported today that existing home sales in May fell 2.2% from the previous month. The NAR reported a seasonally adjusted rate of 5.66 million units in May, compared to 5.79 million units in April. However, the numbers from May are higher than the May 2009 figure of 4.75 million units. Last month, first-time buyers accounted for 46% of home purchases, compared to 49% in April.

“The decline in existing home sales can be attributed to the expiration of the federal tax credit, so at this point, people are putting off the chance to buy a home,” Mr. Moshé said. “People are also wary of what is happening in the economy, so they are waiting for the perfect time to make that purchase.”

However, Mr. Moshe said that record-low mortgage rates might ease prospective homebuyers’ fears and could result in an uptick in home sales this month. According to Freddie Mac, a 30-year conventional fixed-rate mortgage during the month of May fell below the 5% mark to 4.89%, down from 5.10% the previous month. Median existing home prices nationwide were at $179,600, the NAR reported.  

“Interest rates have surprisingly fallen over the past few weeks and home prices have stayed at the same level, giving potential homebuyers the opportunity to make that purchase,” Mr. Moshe said. “I urge those who are thinking of buying a home to do so before mortgage rates and home prices go back up again.”

For more information, call (516) 575-7500 or visit http://www.crrli.com.

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About Charles Rutenberg Realty

Founded in 2006, Charles Rutenberg Realty of New York is the fastest growing, most progressive real estate office in New York, specializing 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.