Friday, December 22, 2006

Good news young professionals, housing prices down a bit

Average home prices in the Lehigh Valley fell year-over-year in November for the first time in more than two years.

The drop is small: the average cost of an existing home in Lehigh and Northampton fell 2 percent to $208,000, compared to November of 2005. That's still an extremely healthy figure.

Nonetheless, it's a key sign that the hot housing market of the past two years - in which properties sold in days, and home prices rose 10 percent or more year-over-year - is a thing of the past. This means buyers, have their pick of properties, and can negotiate prices down.

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