As N.J. house sales fall, prices still rise – only more slowly

22 11 2007

The number of New Jersey house sales dropped 13.4 percent during the third quarter of 2007 from the same period in 2006, continuing a slide from the hyperactive sales pace of 2004 and 2005, the National Association of Realtors said Wednesday.

Home prices, however, have not followed. In the census area that includes Bergen and Passaic counties, prices were up 3.6 percent from the same period last year, to a median of $550,900 for an existing single-family home, the NAR said.

That may reflect high demand in New York City, which is in the same statistical area. The New Jersey Multiple Listing Service says that North Jersey prices have risen just about 1 percent over the last year, to a median of $520,000 in Bergen County and $389,000 in Passaic County. northjersey.com

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