From the Press of Atlantic City:
Home prices continued to increase moderately nationwide in the third quarter, the National Association of Realtors said this week, but in the South Jersey shore region, they kept declining.
The 1.7 percent decline in single-family-home prices from the same quarter a year ago in the combined Atlantic, Cape May and Cumberland counties represents an improvement from the 12-month drop of 8.2 percent in the second quarter.
The NAR survey considers the three counties one statistical area, which masks the considerable differences among the local counties.
A report by market information firm CoreLogic this week showed that in September, the home price softness was all in Atlantic County, while Cape May and Cumberland counties saw price increases.
Atlantic County home prices, including distressed sales, dropped by 3.8 percent in September compared with the same month a year ago and by 1.3 percent compared with August, CoreLogic reported.
In Cape May County, meanwhile, home prices were up 1.5 percent for the year through September, and 2.5 percent higher than in August. Cumberland County prices rose 2.3 percent for the year and 0.2 percent from the prior month.
The combined Atlantic, Cape May and Cumberland counties market saw a median sale price of $213,100 in the third quarter.