From USA Today:
Home prices in Bergen County, N.J., across the Hudson River from Manhattan, are still falling — or coming back to earth, as would-be buyers might say. And that means the spring selling season should be better than last year’s.
During the real estate boom, prices in Bergen County rose with mind-boggling speed. As bidding wars raged, buyers would sometimes make offers on houses they’d never seen, just to get into the market, recalls Karen Murphy, branch manager for Coldwell Banker in Tenafly, a town in Bergen County.
“The market came to a screeching halt in November 2005, and we were seeing the effects in January and February of 2006,” Murphy says. “Buyers just said, ‘No, we’ve had enough.’ ”
Homes languished on the market until sellers had no choice but to cut prices. This year, the supply of homes for sale is down, and open-house traffic is up. But prices remain weak, especially for homes priced over $1 million.