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Posted by Elle on December 29, 2006, 10:10 am
An article in today's NY Times has some interesting
statistics and chatter on the housing market right now.
Snippets follow.
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Home prices have already taken well-publicized hits in areas
like South Florida and the Phoenix area.
[T]he number of [home sales] in [Long Island New York]
Hamptons towns like Sag Harbor are off 20 percent from last
year...
"We are now in a market across the state of Florida of
declining prices," said Jack McCabe, a real estate
consultant in Deerfield Beach, Fla., ... "Miami right now
has over 22,000 condos that are under construction with tens
of thousands more announced," he said. "It is the poster
child for the bubble. The vast majority will reach the
market in 2007 and 2008 and that is when it will get
bloody."
According to the Florida Association of Realtors, median
prices are already falling. In Port St. Lucie and Fort
Pierce, median prices for single-family houses dropped
around 5 percent in November from a year earlier. The median
price for a house in Palm Beach County dropped 6 percent in
August from the year before, the first such decline since
1999, and slipped even more the next two months compared to
2005. In Panama City, condo prices were down 28 percent in
the third quarter.
Home prices in North Carolina have held up better than most
places, but the Outer Banks is among the toughest areas hit,
with the average sales price dropping 13 percent in
October...
In Northern California, "properties under $1 million have
reverted back to last year's prices," said Mike Silvas, the
owner of Morgan Lane, a real estate agency...
In Carmel [California], prices were off 5 percent this year
through October, said Mark Wilson, an agent with Morgan Lane
in Carmel. Properties in Monterey County, which includes
Carmel, are sitting on the market for an average of 113
days, more than twice as long as a year ago, while in Carmel
the average home is taking 93 days to sell.
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http://www.nytimes.com/2006/12/29/realestate/greathomes/29rent.html?pagewanted=2
(free online via free, no hassle registration, for about a
week)
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