There was a significant drop this week in the absorption rates for Hoboken and downtown Jersey City. This is due to the increase in first time home buyers taking advantage of the $8,000 home buyer tax credit as well as buyers starting to realize that the recession is coming to an end. This belief that the recession is coming to and end in turn will drive more buyers to the market, effectively increasing demand for homes and driving prices up from their current levels.
Absorption Rate for Hoboken 10/30/09:
25.9 vs. 37.53 last week (30.9% decrease)
Absorption Rate for downtown Jersey City 10/30/09:
37.80 vs. 48.27 last week (21.7% decrease)
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