From the Record:
As the housing market continues to recover, single-family home prices in the New York metropolitan area ticked up 2.8 percent in the year that ended in April, the S&P/Case-Shiller home price indexes reported Tuesday.
Nationally, prices rose 4.2 percent, according to Case-Shiller.
Home prices in the region are back to the levels of July 2004 and remain about 18.7 percent below their peaks in mid-2006, according to Case-Shiller Nationally, home values are at the levels of autumn 2004, about 14 percent to 16 percent below their peaks.
“Home prices continue to rise across the country, but the pace is not accelerating,” David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. “Recent housing data is positive. Sales of new and existing homes are rising, and construction of new homes enjoyed strong gains in May.”
Prices in the region didn’t fall as far as national averages during the housing crash, so they have not rebounded as quickly as the market has recovered. In addition, home values in New Jersey are under downward pressure from a large backlog of distressed properties heading into foreclosure. And New Jersey’s job market has been slower to heal after the recession than the national employment market, which has limited the ability of many families to buy homes. New Jersey’s unemployment rate of 6.5 percent is a full percentage point above the national rate.
Case-Shiller does not break out home values by county, but according to New Jersey Realtors, single-family prices in Bergen County were a median $462,500 in April, up 6.9 percent from April 2014. The median in Passaic was $282,250, up 3.8 percent from a year earlier.