The U.S. housing market has been slowing down in the early days of spring, worrying real estate analysts who projected that warmer weather would bring an upswing of growth. New York, as well as Baltimore and Fairfield County in Connecticut, is in the minority.
The Southwest and the West had been at the forefront of the recovery trend, until recently. Las Vegas, San Diego, Phoenix and other markets that were quick to rebound after the recession saw year-over-year drops in March for property sales. Pending home sales in the U.S. fell 11 percent year-over-year. Now the Northeast and the mid-Atlantic are gaining ground in recent months.
“Markets in the West were skewed by the ramp up in distressed sales last year and now they’re cooling, whereas the Northeast didn’t have that so now we’re looking better,” Jonathan Miller of Miller Samuel told the Wall Street Journal. [WSJ] — Mark Maurer