From the Record:
Home values rose 3.1 percent in the region in the 12 months ending in August, the S&P/Case-Shiller home price index reported Tuesday – evidence that the housing market is recovering, but at a slower pace.
Despite recent gains, single-family home values in the New York metropolitan area are still about 18 percent below the peaks they reached in mid-2006, and have returned to the levels of summer 2004. Nationally, home prices were up 5.6 percent in August, and are back to the levels of spring 2005, about 16 percent below their mid-2006 peaks.
“Despite the weaker year-over-year numbers, home prices are still showing an overall increase,” said David Blitzer, head of the index committee at Standard & Poor’s.
The housing market’s slow recovery reflects the job market’s gradual return to health. While New Jersey’s unemployment rate has dropped to 6.5 percent, the state still hasn’t come close to recovering all the jobs lost during the 2007-2009 recession.
Single-family home prices in Bergen County dropped 4.9 percent in August from a year earlier, to a median $470,750, according to the New Jersey Association of Realtors. The median price rose 3.3 percent, to $315,000, in Passaic County. Those price medians are affected by the mix of homes sold in a month, unlike the Case-Shiller index, which tracks the same properties over time.