Charles Rutenberg Realty Broker/Owner Joe Moshé Comments on the Rise in New Home Sales in September

Oct. 28, 2010 - PRLog -- Joe Moshé, Broker/Owner, Charles Rutenberg Realty, says the increase in new home sales in the month of September could be attributed to the number of people buying a home before the new regulations went into effect on October 4, requiring prospective homebuyers to have higher credit scores and lay out larger down payments. However, Mr. Moshe adds that, depending on the economy, there may be fewer new houses being built, resulting in a diminished inventory.

Today, the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) released estimates that sales of new single-family homes last month were at a seasonally adjusted rate of 307,000, up 6.6% from 288,000 units in August. During the same time period, existing home sales also rose 10%, according to the National Association of Realtors.

In addition, the average rate for a 30-year fixed-rate mortgage was 4.35% during the month of September, down from the average rate of 4.43% in August and 5.09% in September 2009, according to a survey from Freddie Mac.

“While these numbers reflect a sliver of good news, it does not mean that the housing market has recovered,” Mr. Moshé said. “Home prices and mortgage rates are beginning to rise, so those who are still waiting to buy a home may begin to find it more difficult to qualify for a mortgage, especially of they are asked to make a larger down payment and are now required to have higher credit scores. If the economy continues to falter, there will be fewer homes built as the construction industry suffers.”

At the end of September, there were an estimated 204,000 homes for sale, according to Commerce and HUD. The government added that the median sales price for new homes was $223,800, compared to $220,500 in August.

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.