Edison, NJ – August 12, 2009 – (RealEstateRama) — Reacting to the NATIONAL ASSOCIATION OF REALTORS®’ (NAR) 2009 Second Quarter Metropolitan Statistical Area (MSA) Home Prices/State Resales report, New Jersey Association of REALTORS® (NJAR®) Executive Vice President Jarrod C. Grasso, RCE, noted that first-time buyers are the key to successful recovery of the New Jersey real estate market.According to Grasso, “the home price data signifies an unprecedented opportunity for home purchasers, particularly first-time buyers. Single family homes, apartment and condominium units are more affordable now than they have been in years.”
“Signs of vibrant activity are evident in the New Jersey resales statistics,” added Grasso. Although sales in the Garden State are 10.8 percent lower than they were in the second quarter of 2008, the seasonally adjusted, second quarter 2009 rates are up 11.8 percent from the first quarter of this year. This shows that buyers are entering the marketplace, thus lowering the inventory and driving up demand.
Though median sales price data indicates levels below those of a year ago, nearly all MSAs that cover New Jersey showed an increase in the second quarter of 2009 when compared to the first. For example, the Edison, N.J. region showed a quarter-to-quarter boost of 3.4 percent and median prices in the Allentown, Bethlehem, Easton, Pa., N.J. region rose 3.5 percent from the first quarter. The N.Y., Newark, Union, N.J., Pa. area demonstrated the greatest increase in the state, escalating 8.3 percent from the first quarter of this year to the second.
Increasing prices paired with slight rises in interest rates signify that market stabilization is under way. Grasso commented, “The time to act is now, since prices may continue this strong, upward trend. We also anticipate sales to increase in the coming weeks and months as more buyers complete their first purchases in time to receive the tax credit.”
As the clock winds down to expiration of the $8,000 federal tax credit at 11:59 p.m. on November 30, 2009, the opportunity lessens for financially capable first-time buyers to capitalize on the market and obtain the homes of their dreams.
For more insight on the marketplace, visit the consumer website, www.REALstoryNJ.com, which provides tips and information for those considering buying or selling real estate in New Jersey.
The New Jersey Association of REALTORS®, with approximately 50,000 REALTOR® and REALTOR-ASSOCIATE® members, is one of the largest trade organizations in the state. NJAR®‘s membership is comprised of real estate professionals who subscribe to a strict Code of Ethics and are members of the national and local REALTOR® organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR® is committed to protecting the dream of homeownership. For more information, please visit www.njar.com.
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For media inquiries contact:
Lauren Castellano
Media Coordinator
Phone: (732) 494-4709
Fax: (732) 404-8130
E-mail: lcastellano (at) njar (dot) com
For legislative related media inquiries contact:
Danielle Alpert
Government Relations Coordinator
Phone: (732) 494-4730
Fax: (732) 404-8127
E-mail: dalpert (at) njar (dot) com
