Hamptons Home Sales Jump to 7-Year High as Prices Climb – Bloomberg 07-25-13

Salient to Investors:

Miller Samuel and brokerage Douglas Elliman Real Estate report home sales in New York’s Hamptons in Q2 were up 25 percent from a year earlier and the most since Q2 2006, while the median price rose 8.2 percent to $920,000. The absorption rate was 7 months, the second-fastest in more than 6 years of record keeping and versus 10 months a year ago.

Paul Brennan at Douglas Elliman said interest rates are the driving force as everybody from Bernanke on down are indicating these rates can’t last forever.

Jonathan Miller at Miller Samuel said Hamptons prices are up 36 percent from the 2009 low as buyers compete for dwindling market supply. The median price reached $1.1 million at the peak.

Freddie Mac said the average rate for 30-year fixed mortgage climbed to a 2-year high of 4.51 percent earlier this month after reaching a near-record low of 3.35 percent in early May.

Read the full article at  http://www.bloomberg.com/news/2013-07-25/hamptons-home-sales-jump-to-7-year-high-as-prices-climb.html

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