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New Jersey’s Housing Market Picking Up A Bit [AUDIO]

Justin Sullivan, Getty Images

For the third quarter of 2011, existing home sales in New Jersey outperformed sales in the northeast.

“Existing home sales were up 13% which is still below the national average, which was up 17 %, but things are still moving in the right direction,” said Gary Large, President-Elect of the New Jersey Association of Realtors.

“Compared to New Jersey’s other metro areas, one particular bright spot that displayed a slight median home price increase was Newark, NJ. “We’re located between two relatively strong job markets, New York and Philadelphia, so that makes the Garden State a desirable place to live,” said Large.

“North Jersey is unique because we have New York City that really drives the economy in the northeast. It’s a very important aspect of our housing market,” said Large.

Of course, general economic concerns continue to effect consumer confidence, but Large believes we’re beginning to see the light at the end of the tunnel. “We should start to see some very gradual improvement in pricing for home sellers. I can’t say exactly when that’s going to occur, but I do believe we’re getting very close to that point in time, based on these third quarter numbers.”

Large also reminds consumers that it’s still a great time to buy a home. “Wtih prices being so low and interest rates being so low and plenty of inventory, buyers who are thinking about it should take advantage,” said Large. “Once consumer confidence and home prices start picking up, interest rates will to.”

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