Wednesday, March 6, 2013
New Jersey Home Prices Begin 2013 on Positive Note
Here is a look at the big picture, along with the latest news for New Jersey real estate!
Nationally, the Home Price Index in January 2013 scored 9.7% higher than January 2012. This includes distressed property sales as well as equity sales. This is the biggest leap in prices since April 2006, and also represents the 11th consecutive month of price gains.
Taking peek at home sales activity in comparison, the National Association of Realtors® reports that the Pending Sales Index for January 2013 was 9.5% higher than January 2012. This index looks at contact activity in the market; namely the volume of homes for sale that receive accepted offers.
Looking at the two sets of analytics, it's easy to see that prices are following demand, and that 2013 is starting off well for most housing markets in the country.
Closer to home, CoreLogic shows that the region of New York, White Plains and Wayne, NJ reflected a January 2013 Home Price Index 11.2% higher than a year ago.
Meanwhile, the National Association of Realtors® Pending Sales Index for the Northeast came in 10.5% higher in January 2013 over January 2013.
When the State of New Jersey is separated out by itself, the increase in the Home Price Index is more reserved, showing a gain of 1.5% over a year ago, including distressed sales. Locations that are closer to major metropolitan areas, with public transportation access, are faring better than the outlying communities.
What does it all mean for Millburn-Short Hills home values? We are seeing gradual price improvement as home inventories are absorbed, and so long as the economy remains stable and job prospects are good, we can expect continued gains. Please remember that all real estate is local, however, and to find out how home values are doing in your neighborhood, just give me a call!
As your Millburn-Short Hills real estate professional, I am here to help you whenever you are thinking of buying or selling a home! Contact me today, and let my 18 years of experience give you the advantage in our real estate market!
Coldwell Banker Residential Brokerage
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