NJ Home Prices On The Rise
New Jersey home prices are on the rise. According to a report by the National Association of Realtors, all eight of New Jersey’s metropolitan areas saw growth. The 2013 Second Quarter Metropolitan Area Home Prices report showed substantial growth at nearly 20 percent in the Allentown-Bethlehem-Easton, PA-NJ metro area. Even the market in Edison, which had been trending negatively, showed modest growth at 0.8 percent.
“Because of the slower foreclosure process in New Jersey, our real estate market’s recovery has been behind the curve,” said Jarrod Grasso, CEO of the New Jersey Association of Realtors. “However, the second quarter of this year has shown signs that the Garden State’s real estate market is getting back on track with our median home price growth rate similar to that of the Northeastern United States.”
Low inventory has helped stabilize sale prices in most areas of the state and even increased them in most metro areas according to Grasso. He said it should be noted that home prices are still lower than the real estate boom era and interest rates are still low, but rising.
Grasso hopes that as potential sellers see home prices starting to rise, they’ll be more likely to list their homes, leading to a stronger marketplace.