From the Star Ledger:
Home sales are up in New Jersey, but the number of properties on the market continues to fall. Meanwhile, prices have leveled off.
According to the Otteau Valuation Group, home sales last month rose 23 percent over the previous November, marking 26 consecutive months of sales increases. Overall, home sales in 2013 rose more than 17 percent. Over the past two years, home purchases are up 24 percent.
At the same time, however, the availability of homes for sale has fallen. The number of “for sale” signs is at its lowest since 2006, according to Otteau, dropping by 5 percent over the past year and 25 percent since 2011. In terms of inventory, New Jersey had a 13.3 month supply of homes for sale in 2011, as compared to 8.1 months now.
From the Record:
Values of single-family homes rose 4.9 percent in the New York metropolitan area, which includes North Jersey, in the 12 months ended in October. That compares with a rise of 13.6 percent nationwide – the biggest year-over-year jump since 2006, when the housing market was booming.
Even with these increases, home prices are only at the levels of almost a decade ago, mid-2004, and remain about 20 percent below their peaks in mid-2006, both nationally and in the area.
Case-Shiller does not break out prices by county, but according to the New Jersey Association of Realtors, Bergen County single-family prices rose 3.6 percent, to a median $430,000, and Passaic County prices rose 8.8 percent, to a median $310,000, in the 12 months ended in October.