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Home sales increasing due to tax credit extension causing home prices to rise
November 17, 2009
With the news that the tax credit for first time home buyers and the new tax credit for existing home owners, has been extended, realtors around the country are reporting the phones are ringing again, and home buyers are out in big numbers.
With increasing numbers of buyers, home values are also on the rise in many areas of the country. Home buyers, in general seem to continue to be in bargain hunt mode, looking predominantly for short sales and foreclosed homes.
House hunters looking to take advantage of the tax credit must have a purchase deal under contract by April 30, 2010, at the latest, and must close by June 30th.
New Hampshire Homes Sales Show 8% Increase in October
November 18, 2009 2:00 AM
PORTSMOUTH — New Hampshire home sales data continued to be a source of good news with a recent announcement that for the first time in 2009, year-to-date unit sales are ahead of where they were for the same period last year.
According to data released by the N.H. Association of Realtors, October showed an 8 percent residential sales increase over October 2008, with 1,083 residential sales compared to 1,001 last year. That brings the cumulative yearly numbers for the first 10 months of 2009 to 0.3 percent ahead of the same period last year — 8,857 to 8,834 — leading to a belief that unit sales will end ahead of the prior year for the first time since 2004.
"This appears to be yet another small sign that the recovery is under way," said NHAR President Paul Sargeant, a 20-year veteran of the real estate business and a broker with Better Homes and Gardens The Masiello Group in Bedford. "After the bleak sales numbers of January and February, I wouldn't have believed that we could be ahead by the end of the year, but we very well may be."
Real Estate Sales on the Rise
BEDFORD – A New Hampshire real estate group reported yesterday that year-to-date residential sales have pulled ahead of last year.
The New Hampshire Association of Realtors released data that reports October residential sales increased 8 percent over October 2008 -- with 1,083 residential sales compared to 1,001 last year.
October's gain pushes the 2009 10-month total 0.3 percent ahead of the same period last year -- 8,857 unit sales compared to 8,834.
That leads realty agents to believe that unit sales will end up ahead of the prior year for the first time since 2004, the NHAR reported.
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The realty group also said the pending home sales index -- a national, forward-looking indicator based on signed contracts -- showed an eighth consecutive month of gains, a pattern not seen since the index began in 2001.
The median price this year for residential sales continued to lag behind 2008. October 2009 median prices were down 7 percent -- to $210,000 from the $225,900 in October 2008. To date, the 2009 median price is down 11 percent, from $239,476 in 2008 to $213,000 this year.
NH Jobless Rate Drops to 6%
November 16, 2009
New Hampshire's unemployment rate dropped by four-tenths of a percent in October, led by an increase in state and local government employment.
The seasonally adjusted unemployment rate for October stood at 6.8 percent, 0.4 percent lower than the 7.2 percent rate in September. The unadjusted rate was 6.5 percent -- a solid half percent lower.
While that's still much higher than the 4 percent rate of October 2008, it is well below the 10.2 percent seasonally adjusted figure for the nation as a whole, and it is the first good employment news the state has seen since the recession began.
The good news could be the result of some “funky” timing, cautioned Annette Nielsen, economist at the state Department of Employment Security Economic and Labor Market Information Bureau. But, “considering everything, it looks fairly strong,” Nielsen said of the jobs statistics.
One of the reasons, she said, is that there was an actual increase in the number of jobs in the state. Seasonally adjusted, New Hampshire added 2,500 jobs over the last month (though it still remains down 16,300 for the year). The bulk of the jobs – 2,200 – came at the state and local government level.
That may have a few state workers scratching their heads, with all the talk of layoffs and attrition, but as of October, most of the pink slips hadn't gone out yet. And Nielsen pointed out that state university employees count as workers, as do teachers. The economic stimulus money was heavy in education.
Overall, there was an increase of 800 jobs in educational and health services, and although there was an expected post=summer drop in hospitality work, seasonally adjusted, employment improved there too.
Construction employment was flat, which Nielsen said is “very good news” – reflecting that stimulus money might have stopped the bleeding in that industry. However, that's still 4,000 fewer jobs than last year, bringing the total down to 21,300.
Manufacturing employment continued its decline: a 1,600-job loss month over month and a 8,700 job hemorrhage from last year. Nearly all of the manufacturing decrease was in durable goods. There are now 65,600 manufacturing jobs left in the state, and more people work in government, than manufacturing and construction combined. – BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW
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