From Jonathan J Miller’s Matrix blog, quoting James Hagerty, in The Wall Street Journal:
“Metropolitan areas whose housing markets look less healthy, at least in the short term, include Boston, Los Angeles, Miami, Minneapolis, New York, Philadelphia and San Francisco. All of them have growing inventories of homes and relatively weak job growth. As a result, houses that a year or two ago might have sold in hours now are languishing on the market for months, and some sellers are cutting prices.”
I’m not as pessimistic as Mr. Hagerty, because I don’t think the data supports what he’s saying.
(Once again, a reporter has melded together Boston & Massachusetts, so it’s hard to see what Hagerty’s actually talking about. Boston Proper has not seen any price reductions, and I don’t think the reporter’s talking about Boston when he uses words like “houses” since Boston is almost all condos, so really, what’s he talking about???)
I do agree, however, that without job growth, you aren’t going to see much increase in the way of housing prices, or in the number of properties being sold, each year.
Then again, Massachusetts is still selling homes at the 2003 rate, which was historically the best year ever, until 2004 and 2005.
So, relatively, it’s a good time, right?