Multiple listing Service, MLS Illinois, MLS USA

Tuesday, August 08, 2006


Real Estate is a growing sector in USA. Lately the real estate market has been swinging in favor of the buyers lately. This is mainly due to the high inventory and low housing prices. The sale of homes in USA has shown a drastic fall by 1.34% as compared to last year. This has eventually led to a fall in prices in some areas of the country.

At the current pace, it would take around six months to sell a home in the market. The statistics show that at the end of June there were 3.72 million homes on the market. Compared to last year, that is a whopping increase of 39.2% when only 2.7 million homes were on the market. So basically there is a slowdown in the market.

It's not just the mega hot markets such as New York City, San Diego and Phoenix that are showing stress but this sluggishness is also reported in seller friendly markets such as Las Vegas, Detroit and Midwest college towns such as Madison, Wis.

A ‘to let’ house stays in the market for as long as four months and that is not an uncommon sight anymore. Although the business is slowing, it does not exactly create a buyer’s market. The buyers have become more cautious of buying houses. The interest rates have also been creeping up. The era of high sales, of the last eight years, have come to an end with the slow down of the markets.


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