Charles Rutenberg Realty's Joe Moshé Comments on the Rise in Existing Home Sales in September

Oct. 26, 2010 - PRLog -- Joe Moshé, Broker/Owner, Charles Rutenberg Realty, says the rise in existing home sales during the month of September showed signs that the housing market may be on the rebound, but he said it is unclear if that trend will continue throughout the end of the year. “There seems to be too much inventory still to come which curtails my optimism,” he said.

The National Association of Realtors recently reported that existing home sales in September were up 10.0% from the previous month. The NAR reported a seasonally adjusted rate of 4.53 million units in September, compared to the downwardly seasonally adjusted figure of 4.12 million units in August. However, last month’s figures were off by 19.1%, compared to the September 2009 figure of 5.60 million units. (Existing-home sales are completed transactions that include single-family homes, townhouses, condominiums and co-ops.)

“The rise in existing home sales could be attributed to the people rushing to purchase a home before the new regulations took place, in which homeowners are required to have higher credit scores and put down more money for a down payment in order to buy a house,” Mr. Moshé said. “People also took advantage of the record-low interest rates, which have since inched back up.”

During the month of September, the average rate for a 30-year fixed-rate mortgage was 4.35%, down from the average rate of 4.43% in August and 5.09% in September 2009, according to a survey from Freddie Mac. The NAR also reported that median price for an existing home was $171,700 in September, which is 2.4% below from the same month last year.

“In addition to the low mortgage rates, people saw the low home prices and seized the opportunity to buy a house,” Mr. Moshé said. “Whether this upward trend will continue remains to be seen. The foreclosure freeze that is happening right now could negatively impact the housing market and, in turn, the economy. It may cause home prices to fall too far, causing the economy to go into another recession. As a result, home sales will fall back to its lowest levels since the housing bubble burst.”

Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 900 Agents on Long Island, Queens and Westchester. For more information, call (516) 575-7500, or visit www.crrli.com.

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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 900 Agents on Long Island, Queens and Westchester. 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.