From the Record:
Home values are edging up slowly in the New York metropolitan area, including North Jersey, the S&P CoreLogic Case-Shiller index reported Tuesday.
Single-family home prices in the region rose 2 percent in the 12 months ending in May, Case-Shiller said. That compares with a national increase of 5 percent.
As the nation continues to recover from the worst housing downturn in decades, home prices in the region are still stuck at the level of autumn 2004, more than a decade ago, and remain about 16 percent below their mid-2006 peaks during the housing boom. Nationally, home values are equal to their levels in December 2005, and are about 9 percent below their 2006 peaks.
The New York area’s price increase was the slowest in the nation, continuing the recent pattern. Home values are rising most rapidly in the West, led by Portland, Seattle, Dallas and Denver.
Case-Shiller does not measure home values by county, but according to the New Jersey Realtors, single-family prices dipped 1.1 percent in Bergen County to a median $460,000. In Passaic, the median price rose 5.3 percent to $300,000 in May. The number of sales was up sharply in both counties over the 12 months ending in May, according to NJAR.
Home prices in this area are not rebounding as quickly because they didn’t fall as far as in other parts of the nation during the housing crash. In addition, New Jersey is still dealing with a backlog of distressed properties that piled up during the foreclosure crisis. Those properties tend to sell at a discount and put downward pressure on neighboring property values.
“Overall, housing is doing quite well,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices.