Passaic, NJ, bucks home sale trend

August 26, 2008 8:26:30 AM PDT
Homes sales tumbled in most big Northeastern cities last month - with only Passaic, N.J., showing a healthy jump in activity.Two new reports show sales of distressed properties dragging down median prices in the entire region.

The National Association of Realtors reports existing home sales in the Northeast declined nearly 12 percent in July from a year ago.

That's pushed the median price in the Northeast down to $278,700, a near 5 percent decline from July 2007.

Sales have dropped nationally by more than 13 percent.

The Associated Press-Re/Max Monthly Housing Report shows July sales dropping at least 20 percent in five of the nine Northeast cities tracked.

Bucking the trend, sales in Passaic jumped 38 percent over July last year.

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