Thursday, July 07, 2005

Maybe Housing is Cooling

There seems to be very little statistical evidence that housing market is cooling, but more anecdotal evidence seems to be surfacing. According to one Monmouth County broker, the southwestern part of the county is seeing homes move slightly more slowly than a few months ago. Still, that is hardly evidence of a pronounced drop off in demand for houses.

[“Realtors across the country tell the NAR that houses are taking a bit longer to sell, according to Lereah. Nor are bidding wars for properties nearly as rabid as they've been in recent months.

In sizzling markets from California to Florida, some houses still sell in a day or two, with 15 bidders vying for desirable properties, he says.

But even some hot regions — Los Angeles, San Diego, Chicago, Las Vegas — are seeing houses stay on the market longer, with prices not rising as rapidly as before.”]



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