- NJ Real Estate Strong in Second Quarter :: Real-Estate-Informant.com

Wednesday, 23rd May 2012

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NJ Real Estate Strong in Second Quarter
Added: 01/05/2004 Type: Summary Viewed: 690 time(s) [ Not Rated Yet ]

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NJ Real Estate Strong in Second Quarter

According to statistics reported by the National Association of REALTORSŽ, the seasonally adjusted annual volume of home sales in New Jersey for the second quarter 2002 is projected at 143,300 units up 8.8% from last year. Homes prices also increased.
At the close of the second quarter 2002 the median price of an existing single family home increased 17% to $242,500 from $205,800 reported at the close of the second quarter of 2001. The median price rose almost 14% between the first and second quarters of this year.
    According to New Jersey Association of REALTORSŽ President Rosanne Citta, "At the close of the second quarter we found many consumers taking advantage of historically low interest rates at a time the stock market was weak. The shift of investment away from stock and interest bearing securities combined with continued demand and lack of new housing inventory has contributed to the strength we're seeing in the real estate market."
    People feel that there is substantial long-term value in their home and this is starting to play a larger part in long-term financial planning. According to Citta, "New Jersey homeowners believe in the quality of life associated with home ownership. When we add this to the financial incentive that New Jersey housing has demonstrated, the result is a fundamental change in demand. Nationally recognized economists including Alan Greenspan have commented that real estate has reached a new threshold based upon these criteria."
    The New Jersey Association of REALTORSŽ (NJAR) is a non-profit organization serving the professional needs of approximately 38,000 real estate agents in the state. NJAR and its member boards of REALTORSŽ are part of the National Association of REALTORSŽ, the largest trade association in the United States with more than 750,000 members.

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