South Jersey Market Slows
From the Courier Post:
Region's housing market softens
In the first solid sign the housing market has turned south, home sales in Philadelphia, South Jersey and Delaware fell in the first six months of 2006 compared with a year ago for the first time in about a decade, according to a report released Monday by a real estate firm.
The research division of Prudential Fox & Roach Realtors in Devon, Pa., said sales in the 12-county region fell by more than 4 percent from January to June, and the number of days it took to sell a home on average soared by 48 percent to 32 days.
"The market feels very slow right now," said Steve Storti, senior vice president of marketing for Prudential. "I have every expectation that this will continue at least until the end of this year."
He said the housing market started to falter last winter and the downturn accelerated beginning in April.