North East and Pennsylvania housing recovery

New housing data released by the National Association of Realtors (NAR) suggest the Northeast is coming through the real estate slump better than the rest of the country. Despite home prices in October dipping in the South and West, prices in the Northeast rose about over 1% compared to a year ago. This is the sixth straight month of appreciation, according to NAR, which just released its monthly home price report at the end of November. Home prices nationwide declined just over 5% in October compared to October, 2006. The South dropped Over 6%, the West over 6% and the Midwest over 1%.

The Northeast’s gain follows five straight months of higher prices on a year-over-year basis, including an almost a 1/4% rise in September. The Northeast includes Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. The Northeast’s downturn arrived in the summer of 2006, earlier than in other sections of the country, with a drop of 5% happening in October, 2006. For the Northeast, the worst is already past and the question is how fast the recovery will be.

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