The Metuchen Little League has won the 10-11 Williamsport District 10 championship. Check out this www.MetuchenMatters.com for all the details. Congratulations, boys!
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Market Conditions Summary for Metuchen, New Jersey
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Existing-Home Sales Slow in June but Remain Above Year-Ago Levels
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.
Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. "June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months," he said.
"Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels."
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.
The national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said softer home sales expected this summer don't tell the whole story. "Despite these market swings, total annual home sales are rising above 2009 and we're looking for overall gains again this year as well as in 2011," she said. "Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value REALTORS® bring to buyers and sellers in this market."
A parallel NAR practitioner survey shows first-time buyers purchased 43 percent of homes in June, down from 46 percent in May. Investors accounted for 13 percent of sales in June, little changed from 14 percent in May; the remaining purchases were by repeat buyers. All-cash sales were at 24 percent in June compared with 25 percent in May.
Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May.
"The supply of homes on the market is higher than we'd like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets," Yun said. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008.
Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5 percent above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.
Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago while two were unchanged.
Existing condominium and co-op sales slipped 1.5 percent to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but are 20.5 percent higher than the 556,000-unit pace in June 2009. The median existing condo price was $180,100 in June, which is 1.4 percent below a year ago.
Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 960,000 in June and are 17.1 percent above June 2009. The median price in the Northeast was $244,300, down 1.2 percent from a year ago.
Existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009.
In the South, existing-home sales fell 6.5 percent to an annual level of 2.01 million in June but are 11.0 percent above June 2009. The median price in the South was $163,600, unchanged from a year ago.
Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.
The National Association of REALTORS®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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Final Metuchen Rocks! Concert of the Summer . . . With Fireworks!
From the Metuchen Recreation Commission:
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"Metuchen Rocks!!," Metuchen's free outdoor summer concert series, ends the summer with a dance party and fireworks on Sunday, September 5th. The Spidermonkeys will bring their eclectic mix of classic rock, blues, country, plus their own original tunes to the party. The band members include Metuchen's own Zack Leffand on lead guitar and Dan Cotton on drums, with Jim Toscano on guitar and vocals, Jason Jack on base, and the fabulous MR. FIN on trumpet, flute, keyboard and percussion.
The party starts at 7:30 p.m in the heart of downtown Metuchen on the corner or Pearl and Center Streets next to the Metuchen Senior Citizen Center (behind the A&P Liquor Store). The party ends at sundown with a fireworks display made possible by the generous support of the Metuchen Savings Bank.
The rain date for the party and fireworks is Monday, September 6th, same time, same place.
-By Jana Siciliano on September 1, 2010 10:38 PM
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WARNING: Dangerous Ozone Levels Expected Today
From the National Weather Service:
An Ozone Alert Day is declared for September 1. Ozone levels are forecast to reach the unhealthy for sensitive groups category throughout New Jersey due to southerly winds, hot temperatures, and sunny skies. Sensitive individuals including the very young, the elderly, and persons with respiratory diseases, such as asthma, should avoid strenuous outdoor activities during the afternoon and early evening hours. Moderate fine particle levels are also forecast across the Garden State.
-By Jana Siciliano on September 1, 2010 8:57 AM
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NJ Monthly School Rankings Rate Metuchen Higher Than Previous List
The Metuchen school district has moved up to #54 from #86 this year in the New Jersey Monthly public schools listing. This is certainly good news for the district, considering the heavy burdens placed on it in this economy, particularly with New Jersey not getting any Race to the Top funding.
Are you excited by this change? Does this bode well for the district as it stands or is there still a lot of work to be done? What changes do you think were enacted by the district that caused this uptick? And, since Metuchen is placed well above Edison, does that give Metuchen any better leverage against the consolidations the Governor continues to pull for?
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Interested in Buying a Home in Metuchen?
Look at this new bit of traffic information, that will make commuting in the area much easier.
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Buying a Home in Metuchen?
Interested in Metuchen Real Estate?
25 Bissett Place, Metuchen, NJ 08840
Has Been Reduced in Price:
It was $459,900
Now $449,500
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Buying a home in Metuchen? Interested in Metuchen Real Estate?
Come to an OPEN HOUSE, This Sunday, August 29th, 2010 at
25 Bissett Place in Metuchen, NJ 08840
From 1pm-4pm
We Hope To See You All There!
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We have a great Reduced Price Home for Sale in Metuchen:
70 Franklin School Way, Metuchen, New Jersey 08840
Was $394,900 and NOW $384,900
Spectacular Metuchen Townhouse! This spacious, young, neutral townhouse will not disappoint! Centrally located in Metuchen, minutes to the NYC Train, this townhouse is ready for its new owners. Enter into the foyer and walk up and enjoy the oversized floor plan. Features include a formal living room, formal dining area, and eat-in kitchen. The master suite features its own full bath, walk in closet and private patio.
Walk upstairs and entertain in the oversized great room with its own full bath. Lots of potential to use this space as an enormous Master Suite, a family/great room, den and more. This young townhome truly move in condition, is neutral and bright and ready for its new owners to enjoy!
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Existing-Home Sales Slow in June but Remain Above Year-Ago Levels
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.
Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. "June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months," he said.
"Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels."
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.
The national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009. (see more)
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Metuchen Little League 11-Year-Olds Are Champs!
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Deborah Kerr and the Kerr Team are Now on YouTube to assist YOU in all your Metuchen Real Estate Needs, Whether it be Buying a Home in Metuchen or Selling a Home in Metuchen, we continue to work for YOUR Satisfaction.
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