From the Daily Record:
The average price of homes sold in Morris County declined in the first quarter of 2007 by 3.52 percent, according to statistics from the Garden State Multiple Listing Service.
The last time that home prices fell in Morris County was during 1991, said Jeffrey Otteau, a housing analyst with Otteau Valuation Group in East Brunswick.
The average sale price was $557,835 from January through March, compared with $578,214 during the same period last year.
“It was inevitable,” said Ken Baris, president of Jordan Baris, a commercial and residential broker in South Orange.
“If you take into consideration the massive appreciation of residential real estate in recent years, an adjustment isn’t surprising.”
Baris foresees further declines but said, “The bottom isn’t going to fall out.”