Home Prices UP in Northeast

Yes, the number of home sales, according to NAR, is down 6.8%, BUT, at the end of the day, PRICE is what matters, not sales volume. This is a great report from NAR since it breaks the market down by metro area. Remember the golden rule for reading real estate statistics:

THERE IS NO NATIONAL HOUSING MARKET

"Regionally, existing-home sales in the Northeast fell 6.8 percent to an annual pace of 1.05 million units in the second quarter from the same period a year ago. The median existing single-family home price in the Northeast rose 0.7 percent to $298,000 in the second quarter from the same period 2006."

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