State Real Estate Market Outlook
Realty Market Outlook New Jersey State Profile - Spring 2006
New Jersey’s housing activity has eased from an elevated pace
Home prices continued to climb in New Jersey; however, the rate of trajectory has stabilized. In fourth quarter 2005 average home appreciation in the state was 15.6 percent, twelfth highest in the nation.
New Jersey’s rate of home sales declined by year-end 2005, while price appreciation, though well above the state’s long-term average, was uneven. Declining sales activity coincides with a growing inventory of homes on the market and increased time required to sell them. A slowdown in home sales and higher inventory levels could portend an easing in appreciation rates in 2006.
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