As the Housing Market Cools,
Some Areas Remain Strong

Here's a look at what's new in real-estate markets across the U.S. from around the Web. (Some links may require registration or subscriptions.)

Market stalls in Oregon

Once the strongest market in the Northwest, the Jackson County, Ore., housing market has cooled considerably in the past few months, according to a Mail Tribune article. There is a significant increase in the number of homes up for sale -- the article quotes one local real-estate agent who refers to the housing market as a "candy store" for buyers. The countrywide inventory of homes on the market has increased 120% from a year ago, the paper says. In August, the median price for a home decreased for the first time since 1984, falling 2% from the year before to $269,900. The drop was greatest in East Medford, where the median price fell 10% to $267,000, the newspaper says. Yet, one local real-estate agent remains optimistic. "In another three to five years there's going to be a big boom," she is quoted as saying.

Tuition promise stokes home sales

A pledge to offer local high school graduates up to a 100% tuition scholarship may be behind the recent 6% increase in home sales seen in Kalamazoo, Mich., says an article by The Associated Press. The rise was seen in the first seven months of this year, as compared to the same period in 2005, according to the report. The average selling price increased 7% to $122,612 and the number of homes on the market rose by 14%, the article says. The school district's initiative, named "The Kalamazoo Promise," was instituted in November and is aimed at boosting the local economy, which has been hurt by an unemployment rate that's higher than the national average, and the loss of area manufacturing jobs, the AP says. Real-estate agents and Kalamazoo home sellers are using the promise to entice potential home buyers by mentioning the tuition pledge in for-sale listings and on real-estate signs posted on properties, the article says.

Twin City housing market less volatile

Minneapolis-area home sales dropped 27.2% in August from August 2005, and the median price rose just 0.04%, but the local housing market is steadier than other markets across the U.S., says a Star Tribune article. Inventory levels rose only 2.8%, a good indication for the local market, the newspaper says. The strength of the housing market is a "diverse economy that's more immune to fluctuations in employment numbers and median wages," the Tribune says. Entry-level houses priced between $120,000 and $250,000 have seen the most demand, and there is a greater supply of new homes on the market than previously owned residences, thanks to a new-construction binge, the article says.

More unsold homes on Jersey Shore

The housing market in New Jersey's coastal Monmouth and Ocean counties is slowing, but the bottom is not falling out, according to an article by the Asbury Park Press. The number of houses for sale has risen dramatically and real-estate agents are seeing "pages and pages of price reductions," the newspaper reports. However, some local real-estate professionals describe the market as "stable." Says one agent, "Prices may not be accelerating, but I do not see drastic reductions in prices at all." According to the article, 6,884 homes remained unsold in Monmouth County in the second quarter of this year, an increase of 57% from the second quarter of 2005. In Ocean County, there was an increase of 68% to 6,728 unsold properties, the article says.

Louisville relatively strong

The housing market is Louisville, Ky., is slowing, but not nearly as much as other parts of the country, says a Courier-Journal news story.  In August, the number of home sales was about equal to the amount sold in August 2005, while listings jumped from 589 to approximately 700, the newspaper says. Meanwhile, the spring quarter of this year showed an annual home-price appreciation rate of 2.4%,  the Courier-Journal says. "Overall, Louisville is still a very good real-estate market," the paper quotes a local real-estate professor as saying. However, real-estate professionals report that in coming months, home buyers will have more properties to choose from, while sellers will face more competition, the article says.

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