From the Record:
The number of homes sold in New Jersey last year reached their highest levels since 2005, rising 18.1 percent to almost 95,000 units, the New Jersey Association of Realtors said Tuesday.
At the same time, home prices rose 3.1 percent to a median $283,500, the NJAR said.
NJAR says that Bergen County single-family prices rose 5.7 percent in December 2013, compared with a year earlier, to a median $460,000. Passaic County prices rose 4.9 percent, to a median $300,000, over the same period.
The NJAR’s numbers, which are based on reports from the state’s multiple listing services, show a recovering home market – a picture reinforced by a report Tuesday from the Standard & Poor’s/Case-Shiller home price index, which uses different methods to track home prices.
According to Case-Shiller, single-family home values in the New York metropolitan area, including North Jersey, rose by 6 percent in November, compared with a year earlier. While that reflected a renewed vitality in the real estate market, the rise was less than half the national increase of 13.7 percent.
Even with the recent rebound, single-family home prices, both nationally and in the region, are only at the levels of mid-2004 and remain about 20 percent below their peaks in mid-2006, according to Case-Shiller.
The region’s home prices are recovering more slowly than the nation as a whole in part because property values here didn’t drop as dramatically as in other areas. In addition, New Jersey’s job growth has been slow, and the state has a large backlog of distressed properties heading into the foreclosure pipeline.