New York a “bright spot” in slow spring for US housing market

Connecticut's Fairfield County also showing strong numbers

TRD New York /
Apr.April 17, 2014 02:25 PM

The U.S. housing market has been slowing down in the early days of spring, worrying real estate analysts who projected that warmer weather would bring an upswing of growth. New York, as well as Baltimore and Fairfield County in Connecticut, is in the minority.

The Southwest and the West had been at the forefront of the recovery trend, until recently. Las Vegas, San Diego, Phoenix and other markets that were quick to rebound after the recession saw year-over-year drops in March for property sales. Pending home sales in the U.S. fell 11 percent year-over-year. Now the Northeast and the mid-Atlantic are gaining ground in recent months.

“Markets in the West were skewed by the ramp up in distressed sales last year and now they’re cooling, whereas the Northeast didn’t have that so now we’re looking better,” Jonathan Miller of Miller Samuel Told The Wall Street Journal. [WSJ]Mark Maurer


Related Articles

arrow_forward_ios
The number of closed sales fell by more than 14 percent year over year in the third quarter (Credit: iStock)

Low mortgage rates are killing Manhattan’s all-cash buyer

The Amazon effect hasn’t touched the Queens rental market yet: Elliman report

A broken record? Concessions again reach new highs in Brooklyn, Queens

Rental concessions still sky high in Brooklyn and Queens

Concessions hit record highs once again in Brooklyn and Queens

Concessions at BK rental apartments hit record seven-year high

NYC resi rents remain flat in March: report

Manhattan’s apartment resales pick up speed as sellers face market reality

arrow_forward_ios