The S&P CoreLogic Case-Shiller Index for the 20-City Market indicated that out of all 20 major US cities, the New York Metro region was the only city that posted a loss month-over-month from May to June of -.1% and on a year-to-year basis a gain of 3.8%. 
The National Home Price Index gained 6.2% on a year-to-year basis in June.
For the most part, the NYC flatline appears to be basically symptomatic of the slowing of the Manhattan market, which has seen significant appreciation over the last 3 years.
New Jersey, on the other hand, has posted strong and consistent results, reflecting the overall positive national trend.
CoreLogic is forecasting a 5.1% year-over-year increase from July 2018 to July 2019. It is also forecasting, on a month-over-month basis, home prices to decrease slightly in August by .2% from July 2018 to August 2018.
On a more cautious note, CoreLogic is projecting, based upon its data, that 50% of the top 50 markets are considered to be overvalued.
As the trend for high prices continues to move into many markets, according to Frank Martell of CoreLogic, “Homeowners are confident that by waiting to sell, they will receive a greater return on investment than they would today. In other words, sellers are largely staying put. With fewer homes on the market, price pressure will continue to rise.”
What this is doing to the market is possibly adding additional artificial fuel that is driving home prices higher. The value of a home is not necessarily increasing due to the strength of a robust economy, but is also the byproduct of inventory shortage, labor shortages, higher mortgage rates, and higher material costs. Until markets find a stable level from which to operate sellers will presume that their homes are worth and buyers will continue to think that these homes are too expensive to risk a purchase.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.