Contact Us
Make My Homepage

NJ Real Estate Sales Expected to Rise [AUDIO]


While real estate sales across the country are predicted to remain only steady next year, New Jersey sales are way up.

Homes for Sale
Justin Sullivan, Getty Images

The National Association of Realtors reported home sales will hold steady next year, but prices will continue to rise.

Economic Analyst Patrick O’Keefe, of Cohn-Reznick in Roseland, said home sales in Jersey are up 18 percent this year, but there’s a drag on the market.

“Right now, what we’ve got is slow growth, we’ve got prices below where would-be sellers would accept them,” O’Keefe said. “And we have insufficient inventory there to meet the pent-up demand for housing.”

Home prices have risen almost 11 percent nationally, but just 1.1 percent in New Jersey since mid-2011.

An economist with the National Association of Realtors says while rising home prices will lure many people to sell their homes, a lot of those people will also buy homes. One thing that most of the experts agree upon, both in the Garden State and across the country, is the need for more new home construction.

One factor in New Jersey’s housing market is the slow pace of executing foreclosures that’s keeping properties off the market. Those foreclosed properties will also add to the inventory of homes available for sale here.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.