From the Record:
Condo and co-op prices dropped more than 10 percent in the New York metropolitan area, including North Jersey, in the first quarter, but home values overall were flat from the same period a year ago, the National Association of Realtors reported Tuesday.
The median price of a home in the area, which includes Bergen, Passaic and Hudson counties, as well as Westchester and New York City, rose 0.5 percent to $439,300, the NAR said.
Nationally, home prices were down 4.6 percent, to a median $158,700.
With values significantly below the levels of 2006 and 2007, sellers and buyers are still adjusting to the new price realities, real estate agents say.
Some buyers “just keep missing great deals because they want to keep low-balling their prices,” said Sheldon Neal, a Re/Max agent in Oradell. “On the sellers’ side, one of the toughest challenges is to make them realize the truth about their current market value of their home. Many are still wanting to push the list price higher.”
In a sign that the real estate market may be stabilizing, the number of sales in New Jersey was running at an annual rate of 109,500. While that’s down dramatically from the 180,000-plus sales pace of 2004 and 2005, it’s close to the rate of 2010, when 110,000 homes were sold in the Garden State. Sales were boosted in the first half of the year by an $8,000 tax credit for first-time buyers. The fact that sales have remained near the 2010 level, even without the tax credit, suggests that “the state’s housing market is building a solid foundation without a government incentive,” said Jarrod C. Grasso, CEO of the New Jersey Association of Realtors.
From the APP:
The median price of a home in central New Jersey fell 6.9 percent during the first quarter, a trade group reported Tuesday, in a sign that the supply of homes on the market continues to outweigh the demand from buyers.
The figures gave credence to what real estate observers have suspected: Those who had hoped the housing market had bottomed out will have to wait longer.
“This is probably less of a spring market than we had hoped,” said Russell Tucker, senior vice president of Millburn-based ISB Mortgage Co., a subsidiary of Investors Savings Bank. “That’s the bottom line. We should be in full swing right now, but that’s not the case.”
The National Association of Realtors reported that the median price of a home in the region that includes Monmouth, Ocean, Middlesex and Somerset counties was $303,200, down from $325,800 the same quarter a year ago. The median means half of the homes sold for more and half sold for less.
Central New Jersey prices fell more than the national average. The median U.S. home price was $158,700, down 4.6 percent from $166,400 the same quarter last year, according to the Realtors’ group.
And first-quarter figures released by Jeffrey Otteau, president of the Otteau Valuation Group Inc., a research firm in East Brunswick, showed only one of 21 New Jersey counties saw prices appreciate during the past year. Somerset County was up 2.6 percent from last year.
Morris County fell 4.9 percent; Monmouth County fell 7.8 percent; Middlesex County fell 8.4 percent; and Ocean County fell 10.2 percent.