Spring Housing Market Blossoms Nationwide [AUDIO]
There's good news when its comes to the housing market. The spring home selling season could be the strongest its been in years.
Existing home sales in February were up 9% from the same time a year ago. "That will help ease the housing industry into a recovery" said Walter Maloney, spokesman for the National Association of Realtors.
Home prices are declining and Maloney says many experts see some signs for optimism in the housing market.
"The mild spring has brought buyers out earlier than usual and real estate agents are busy."
Maloney doesn't have numbers specific to New Jersey, but says spring is turning out to be a good season for buyers and sellers nationwide.
"People that have held onto their homes because they weren't getting what they paid for them are now selling at the right time, the economy has picked up and buyers have more money to spend, they are feeling a bit more confident."
While last year was terrible for home sales, this year is looking better. Maloney says home inventory has declined nationwide.
"There was a record high of 4 million properties in 2007 and that has dropped to roughly 2.5 million today."
He predicts home sales will rise about 7% total this year.
"Both sales and contract activity are running well above last year's levels. We're hearing about increases in foot traffic and our members are telling us that buyers are much more serious."