Although the suburbs are not my purview, they did enter the local housing downturn before the city, and if life is symmetrical, perhaps they will leave it earlier as well.
On that note:
According
to The July 2009 Otteau
Report, (the best source for data on the New Jersey market), the New Jersey housing
market (mostly single-family homes) continued to pick up steam as the
number of home sales increased for the 7th consecutive month and the number of
homes being offered for sale has declined for the past 3 months.
Below is the following graph, reprinted with permission of the author.
©The Otteau Report/Jeffrey Otteau; used with permission
This graph tells us a great many things. You can see quite clearly that the volume peak was way back in 2005. 2006 and 2007 were similar and were strong years but not as much as 05. You can also see that this summer has actually been better than the summer of 2008-- at least in New Jersey.
I highly recommend this report- it also contains pricing metrics which are not excerpted here. It is primarily a subscription service and i also thank Jeffrey Otteau for his permission to reprint his graph here. See Otteau.com.
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