The National Association of REALTORS® (NAR) released the 2013 Second Quarter Metropolitan Area Home Prices report, in which all eight of New Jersey’s metropolitan areas showed growth. Locally, Atlantic City showed modest growth at 3.6% year-over-year.
While markets in other states, such as the Greater Los Angeles region, have seen national headline-making growth with 21.2% increases year-over-year, the slower foreclosure process in New Jersey has been holding the states’ markets back from also experiencing significant growth. “Because of the slower foreclosure process in New Jersey, our real estate market’s recovery has been behind the curve,” said Jarrod C. Grasso, Chief Executive Officer of the New Jersey Association of REALTORS®. “However, the second quarter of this year has shown signs that the Garden State’s real estate market is getting back on track with our median home price growth rate in line with the Northeastern United States.”
“Low inventory has helped stabilize, and in most metro areas in NJ, increase the median sales prices as well,” Grasso said, continuing, “It should be noted that home prices are still lower than the real estate boom era and interest rates are still low, though are rising. We are hopeful that as potential sellers see home prices starting to rise, they’ll be more likely to list their homes, leading to a more robust marketplace.”
The New Jersey Association of REALTORS®, the voice of real estate for New Jersey, is a non-profit organization serving the professional needs of approximately 41,000 REALTOR® and REALTOR®-Associate members engaged in all facets of the real estate business. In addition to serving the professional needs of its members, The New Jersey Association of REALTORS® is dedicated to enhancing the ability of its members to conduct their business successfully while maintaining the preservation of private property rights. REALTOR®is a registered collective membership mark, which may be used only by real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics and are members of the national, state and local REALTOR® organizations. For more information, visit www.NJAR.com or www.RealStoryNJ.com.