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Things were chilly in February, and the wintry weather took a toll on home sales nationwide which fell but in the Northeast, February felt a bit more like Spring, with sales rising 2.4 percent from the same period in January.
The numbers were released by the National Association of Realtors, which tracks sales of existing homes nationwide. According to the NARs most recent report, home sales in the Northeast hit an annual pace of 840,000 in February and are 12 percent above a year ago.
According to Raveis, sales of single family homes in Norwalk stayed essentially flat from January to February.
The median price in the Northeast was $254,700, up 7.5 percent from February 2009. Raveis reports the median sales price for homes in Norwalk was $348,000 in February, with inventory rising from January.
A key test for a durable recovery comes in the next few months as the tax credit deadline approaches", said Lawrence Yun, NARs chief economist. If we see a surge in home buying comparable to last fall in the months leading up to the original tax credit deadline, then enough inventory should be absorbed to ensure a broad home price stabilization.
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