Consumer Alert: Housing prices in NJ have not increased

Housing prices in New Jersey have not increased, according to the New Jersey Realtors Association.

Housing prices in New Jersey have not increased, according to the New Jersey Realtors Association. (1/27/17)

EDISON - There has been a lot of talk about how housing prices are increasing, but realtors say that does not seem to be happening in most of New Jersey.

The median price of a single-family home in New Jersey actually dropped to $302,500 dollars. The New Jersey Realtors Association says that it is not necessarily a bad thing for a state known for being unaffordable.

“The affordability index went up 5.9 percent last year, which means homes are theoretically more affordable than they've been in prior years,” says the association’s Bob Oppenheimer.

Oppenheimer says that there are several reasons why New Jersey home prices seem to be worse off than the rest of the country.

He says that incomes in the state have not risen as fast as in other states. New Jersey also has America’s highest foreclosure rate.

There is some good news. There are now fewer homes on the market, so some experts predict prices will go up this year. Some individual communities are already seen strong real estate markets.

Experts say a lot of the housing prices depend on what is happening in Washington, particularly interest rates and any policy changes made by the Trump administration.

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