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

April 21, 2011 - PRLog -- Joe Moshé, Broker/Owner, Charles Rutenberg Realty, says the housing market is on its way up after seeing a rise in existing home sales during the month of March. He also says that, with lower unemployment, more job growth and the increase in home construction, more people will jump at the chance to buy a new home.

The National Association of REALTORS recently reported that existing home sales in March increased 3.7% from the previous month. The NAR reported a seasonally adjusted rate of 5.10 million units in March, compared to the upwardly revised figure of 4.92 million units in February, but 6.3% lower than the March 2010 figure of 5.44 million units. (Existing-home sales are completed transactions that include single-family homes, townhouses, condominiums and co-ops.)

Mr. Moshé said the increase in existing home sales could be attributed to the rosier employment picture. According to the U.S. Bureau of Labor Statistics, the national unemployment rate in March was 8.8%, slightly down from 8.9% the previous month. Further, the BLS also reported that, during the month of March, 216,000 jobs were added and 34 states in the U.S. reported a decrease in their jobless rates.

“People are seeing the economy starting to recover as more companies are announcing more job openings, so they are feeling confident enough to make big-ticket purchases such as houses,” Mr. Moshé said. “The housing market has always been dependent on the job market. With the increase in employment opportunities, many people will be going back to work and finally be able to earn enough money to save up for a house.”

After seeing a steep decline in home construction in February, the Commerce Department reported a 7.2% increase in home construction at a seasonally adjusted 549,000 units in March. Building permits, an indicator of future construction, was up 11.2% after hitting a 50-year low in February.

“Between the increase in existing home sales and the number of new homes being built, we are seeing a resurgence in the Real Estate market,” Mr. Moshé said. “The numbers are not as high as they were around this time last year when the federal tax credit was available, but prospective homeowners believe now is the perfect opportunity to get off the sidelines and make the move to buy a house, thanks to an improving economy. People are also expressing more confidence in the economy as the jobless rate continues to decline.”

Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 1,300 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 1,300 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.