NJ Housing Market Slowly Turns To Sellers’ Favor [AUDIO]

The New Jersey housing market has turned in sellers' favor, with prices creeping higher and multiple offers making a comeback.

So-called "bidding wars" have returned to the housing market in the Northeast amid shrinking supplies of homes for sale.

Walter Maloney, spokesman for the National Association of Realtors says the conditions are becoming much more balanced between buyers and sellers.

"That means we are going to be seeing some modest price gains for the nation as a whole."

Maloney says the one thing holding a full recovery back is that some foreclosed homes are still coming to market. He also said the lower priced homes are attractive to investors who are turning them into rental homes.

"There is home price stabilization now and we are seeing rising demand from buyers and dwindling inventory."

Sales activity continued on an upward trend in April, with home sales increasing for the 11th straight month.

Looking ahead, Maloney says the rest of 2012 should be a good year for the housing market.

"There will be noticeably higher prices for the remainder of this year and that along with the continued decline in unsold inventory is leading to the much more balanced conditions that we're seeing between buyers and sellers and that's why we think that prices are in the process of turning around and are about to go positive for many markets across the nation."