From the Record:
Home prices in the New York metropolitan area, including North Jersey, dropped 2.3 percent in November, compared with a year earlier, the Standard & Poor’s Case-Shiller index reported Tuesday. Nationally, prices dropped 3.7 percent.
Prices in the region have fallen 23 percent since the market peak in 2006, and are back to early 2004 levels. Nationally, prices have declined 33 percent since the peak, and are back to the levels of mid-2003.
In Bergen County, the median price of a single-family home fell 8 percent, to a median $400,000 in November, while the number of sales dropped about 3 percent. In Passaic, prices dropped 8.4 percent, to a median $288,500, while the number of sales dropped 13.7 percent.
These numbers are from the N.J. and Garden State multiple listing services, and reflect the mix of properties sold during the month. Case-Shiller does not break down data by county, but its numbers are considered more accurate because it tracks the value of the same properties over time.
“The trend is down, and there are few, if any, signs in the numbers that a turning point is close at hand.”
— David M. Blitzer, chairman of the index committee at Standard & Poor’s
“With the prospect of rising foreclosures — as the legal and administrative issues are resolved — we can expect the downward pressure on prices to increase in the coming months, despite historically low mortgage rates.”
— Patrick O’Keefe, an economist with J.H. Cohn in Roseland
“There’s been a substantial decline in prices in the New York metropolitan area, but that’s not quite enough to bring prices back in line with household income levels. By the summer of 2012, home prices in the area are expected to fall an additional 7.7 percent.”
— David Stiff, economist, Fiserv Inc.