Home sales in the Northeast rose in February as the economy showed signs of recovery, inspiring buyers.

The National Association of Realtors also said Tuesday that Northeast sales were 13 percent higher on a year-over-year basis, the biggest improvement in any of the four U.S. regions.

Nationwide, homes sales were up 8 percent from February a year ago, without adjusting for seasonal factors.

The improved sales activity in the region helped drive up prices. The median sales price of $254,700 for an existing home was almost 8 percent higher than February 2009, making the Northeast the sole region to show a price increase from last year.

The national median sales price of $165,100 was down almost 2 percent.

Home sales in the Northeast rose in February as the economy showed signs of recovery, inspiring buyers.

The National Association of Realtors also said Tuesday that Northeast sales were 13 percent higher on a year-over-year basis, the biggest improvement in any of the four U.S. regions.

Nationwide, homes sales were up 8 percent from February a year ago, without adjusting for seasonal factors.

The improved sales activity in the region helped drive up prices. The median sales price of $254,700 for an existing home was almost 8 percent higher than February 2009, making the Northeast the sole region to show a price increase from last year.

The national median sales price of $165,100 was down almost 2 percent.

Biggest sales gains: Sales in the New York City suburbs climbed 29 percent from a year ago, the second consecutive month of strong growth in that market.

Miriam Bernstein, an agent with Re/Max Prime Properties in Scarsdale, N.Y., saw evidence of growing demand in the pricey New York suburban market, coupled with an occasional lack of supply.

”A tremendous number of buyers are out there ready to buy, but I don’t think we have enough houses for what they’re looking for,” she said.

Biggest sales declines: Sales in Trenton, N.J., fell 14 percent, while Hartford, Conn., was down nearly 9 percent and Philadelphia off 6 percent.

Realtors were split on the impact of the historic winter storms that buried the mid-Atlantic states, particularly Pennsylvania and New Jersey, while leaving northern New England relatively unscathed.

Sellers whose homes have been on the market for months may also be starting to lose patience and showing more flexibility.

http://njrereport.com/index.php/2010/03/24/is-the-slump-over-in-the-northeast/

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