Are we seeing Home Pricing bottoming or reversing in Middlesex County, New Jersey? Part #2

The graph below visually sum-ups our last post:

Mainly that the Sold Price average for both January and February 2009 was higher than December and November 2008.

The question for this post is why is this worth noting? Or why is this different from what we have been seeing since 2006?

2 points I want to bring out.

First one is that since 2006 (year home prices started to correct), this is the first time both January and February Sold Price averages are higher than the previous December and November months.

Second is that this price increase is happening during 2 usually slower months. Typically, January and February are part of the months having the smaller number of homes being sold. This was true in 2007, 2008 and 2009. There are fewer homes sold during those months because there are less buyers looking for homes at this time of the year. Less demand typically pressures prices to the downside, not up.

I think the next genuine questions are where do we go from here? What are the next few months likely to be? We will discuss in more details in our next blog.