Wednesday, October 10, 2007

It's a buyer's market: Home prices fall again

If you're shopping for a house like I am, you did a little jump for joy after seeing this headline in today's paper. More below:

The average price of an existing home in the Lehigh Valley fell last month for the third time this year, while the number of homes sold fell for the 16th consecutive month.

At the same time, the number of homes coming on the market rose 11 percent in September, according to statistics from the Lehigh Valley Association of Realtors.

Prices for existing homes in Lehigh and Northampton counties fell 1.8 percent in September to an average of $217,000, compared with the same period last year. The number of homes sold fell 18 percent, year-over-year.

Home prices in the Valley have likely reached their peak for the year. The monthly market report the LVAR released this week shows average home prices in September fell compared to August.

September's results show a strong continuation of the slowing trends that began last year. The outsize increases in prices and the fast pace of sales that became common during the boom years of 2004 and 2005 are now a thing of the past.

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