Thursday, December 21, 2006

Report from PA; NJ Buyers Mentioned


"Experts have said the rate of home appreciation in the Valley was unsustainable. The average home price for 2005 was a record $207,000, up 12.5 percent from 2004, according to statistics from the Lehigh Valley Association of Realtors. It was the housing market's best year ever and the third consecutive year in which existing home prices in the Valley rose 10 percent or more. Homes were selling in a matter of weeks, rather than months.

The market was bolstered by strong demand from home buyers moving to the Valley from more expensive towns in New York and New Jersey, and to a lesser extent the Philadelphia area. The newcomers found Valley home prices more affordable and often offered more than the asking price. Some paid cash for homes they bought here."

Full article...


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