From the Star Ledger:
The price to buy a home in New Jersey Home continued to climb in July, according to CoreLogic, rising by 4.1 percent over last year. The increase includes homes in which homeowners were behind in mortgage payments or in default.
Nationwide, the average home price rose 12.4 percent between July 2012 and July 2013, the monthly report said. Arizona and California led the way, with jumps of 27 percent and 23.2 percent respectively. It marked the 17th consecutive monthly year-over-year increase.
New Jersey’s increase was the 33rd highest in the country.
“Home prices continued to surge in July,” Mark Fleming, chief economist for CoreLogic, said in an e-mail. “Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand.”
The Newark-Union area outperformed the state as a whole, with a 5.9 percent increase in July 2013 compared to July 2012. On a month-over-month basis, home prices increased by 3.5 percent between June and July.
It noted the median price of home in the Newark-Union metropolitan area was $398,000, up 3.2 percent in the quarter. In the area surrounding Edison, the median price was $299,800, up 0.8 percent.