The housing market remains volatile, but signs of stability, even recovery are appearing in some markets while other areas remain stuck in a deep downturn. That’s the findings of the National Association of Realtors June 2009 report which is certain to spark controversy and heated discussions as to whether the market has bottomed.
Ups And Downs Of Real Estate
Yesterday, The Wall Street Journal (WSJ) tackled this news in their article titled, “Home Sales, All Over The Map.” The WSJ noted that in some markets – northern Virginia and sections of California – where employment is stable, these markets have appear to have recovered. But other markets including Las Vegas, Detroit and much of the state of Florida remain stuck
But not all of Florida is down as June home sales in Orlando were up sharply for the month. Other markets where sales increased include Minneapolis, San Francisco and Southern California.
Local Conditions Apply
Commenting on how markets act differently Trulia co-founder and CEO Pete Flint said, “All real estate is local and we’re seeing glimmers of hope as price stabilization occurs in major cities across the nation, including some of the earliest hit cities that have experienced huge declines in the past few years. On the flip side, perhaps sellers are pricing their homes more rationally to get them off the market as soon as possible.”
Indeed, Trulia noted that the national reduction average for a property is 10.4 percent, but in markets like Detroit, Miami and NYC sellers have dramatically overpriced their homes, and are making more drastic cuts. For example, in Detroit, sellers dropped their price an average of 21 percent, in Miami sellers slashed 15 percent off their original asking price and in New York City sellers cut 13 percent off their price.
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