The recent numbers for New Jersey show a different trend than those in the southern markets, whereas in all 3 categories for single-family homes, sales fell in the state, including new listings, pending sales and closed sales for the month of August. Nationally pending home sales climbed up 8.1%, according to the National Association of Realtors. This was an unexpected jump, according to experts who were expecting a minimal 1% to 2% increase.
Certain counties in New Jersey such as Monmouth and Ocean counties continue to climb higher that many other regions. Monmouth climbed in just 3 years from a median price of $420,000 to August’s $611,000 and Ocean’s median price climbed from $299,000 to $430,000.
Primarily most of the biggest increases reported were in the less expensive regions, including the South and the Midwest.
But overall, home prices year-over-year have increased significantly, as reported by S&P CoreLogic, which posted a 19.7% annual home price gain for July.
Three cities that reported the largest year-over-year increases were Phoenix, San Diego and Seattle, reporting year-over-year gains of 32.4%, 27.8% and 25.5%, respectively.
What is most likely occurring is people in the Northeast are selling homes at extraordinary record-high prices and moving south, only to encounter a highly appreciated market in southern regions, where taxes are lower and prices are lower as well. Just consider the Phoenix market, which reported the biggest year-over-year jump: in 2012 the median home price in Phoenix was $109,000, today that median price is $370,000.
To Be Continued
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.
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