Last week in this space I wrote about the May numbers for Somerset County, New Jersey, and how they were a bit disappointing.  Absorption rate increased, and supply/demand ratios decreased for the first time this year.  Two days ago the National Association of Realtors® released their May pending home sales numbers, and described the same scenario for the so-called "national real estate market."  Because of the scope of their research they always lag behind my reports, but I find it intriguing that the dynamic was the same in Somerset County as across the country.

The good news is that June pending numbers in Somerset County have already improved, as I pointed out here last week.  Supply/demand increased to 57% and absorption rates fell to 7.2 months.  As I pointed out then, the real estate market is "definitely on the mend."

Although all real estate is local, and local market conditions are most important to buyers and sellers, it appears that Somerset County has become pretty much reflective of many markets across the country.  Perhaps next month NAR's figures will show the recovery we've already noticed in Somerset County. 

Stay tuned....