From the Record:
Home prices in the New York metropolitan area, including North Jersey, were at a median of $458,600 in the fourth quarter of 2008, down 11.7 percent from a year earlier, the National Association of Realtors said today.
The volume of sales in the Garden State has also dropped dramatically. Only 112,600 single-families, condos and co-ops were sold statewide in 2008, down 18 percent from 137,400 in 2007 and down 39 percent from the 184,400 units sold at the peak of the recent housing boom in 2005.
Nationally, existing home prices were down about 12.4 percent, to a median of $180,100, the NAR said.
The declining prices are making homes more affordable for buyers, although some buyers are apparently holding back because they think prices may fall further or because they’re worried about their job security in a deepening recession.