Home Prices Rise Nationally, Mixed In NJ [AUDIO]
A mixed bag on home prices, as they rose across the Country last year and are expected to go up again this year. But, here in Jersey, there is a cloudy price picture.
The New Jersey Realtors Association says prices were down two percent from November of 2011 to November of 2012.
But Walter Malony of the National Association says, “You’ve got some inventory situations in the Northeast that were quite mixed.”
He says prices have been down, but Hurricane Sandy was a game-changer in some areas because with homes destroyed and others being used for rental properties.
Malony says, “The very tight inventory situation in coastal New Jersey is putting upward pressure on prices.”
Malony adds the first half of 2013 will be better for buyers because prices and interest rates will still be relatively low.
Real estate number cruncher CoreLogic says, in general, across the country, the news of rising home prices will likely encourage more people to put their home up for sale if they have been considering it.