Wednesday, February 15, 2006

New Jersey Fourth Quarter Median Home Prices

The NAR released their 2005 Q4 median home price data today:

Median Sales Price of Existing Single-Family Homes

as well as the following press release:

HOME-PRICE APPRECIATION STAYS HOT ACROSS COUNTRY

NorthEast
2005:I 246.2
2005:II 243.1
2005:III 249.2
2005:IV 240.3

Atlantic City, NJ
2005:I 217.4
2005:II 244.9
2005:III 247.6
2005:IV N/A

New York-Northern New Jersey-Long Island, NY-NJ-PA
2005:I 412.5
2005:II 452.7
2005:III 461.1
2005:IV 459.6

New York-Wayne-White Plains, NY-NJ
2005:I 456.6
2005:II 506.8
2005:III 533.6
2005:IV 537.3

NY: Edison, NJ
2005:I 343.1
2005:II 394.1
2005:III 386.9
2005:IV 384.6

NY: Newark-Union, NJ-PA
2005:I 380.4
2005:II 414.4
2005:III 446.8
2005:IV 427.6

Trenton-Ewing, NJ
2005:I 225.4
2005:II 264.3
2005:III 290.5
2005:IV 243.1

Caveat Emptor!
Grim

6 Comments:

Blogger Richie said...

How is that hot when only one area actually increased?

Every other region had a declient from 3rd quarter data.

“The children of the baby boom generation, often called the echo-boomers, are the second largest generation in U.S. history and are just entering the period in which people typically buy their first home. Along with a strong immigrant impact, and the boomers themselves who remain in peak earnings years, this means the need for housing will stay strong over the next decade and long-term prices will continue to rise,” Stevens said.

Great, I'm an echo-boomer.

-Richie

2/15/2006 02:57:00 PM  
Blogger grim said...

Drops really are not that obvious yet because we didn't see a big dropoff in existing home sales until Q4. NJ is running a bit behind the rest of the Northeast and some other bubble markets.

NAR Total Sales

(Seasonally Adjusted Rate, 000s)

Northeast
2004:IV 1,130
2005:I 1,127
2005:II 1,207
2005:III 1,200
2005:IV 1,100
(-2.7% YOY decline)

New Jersey
2004:IV 175.4
2005:I 178.5
2005:II 198.1
2005:III 213.6
2005:IV 161.9
(-7.7% YOY decline)

grim

2/15/2006 03:13:00 PM  
Anonymous Anonymous said...

Grim wrote:

New Jersey
2004:IV 175.4
2005:I 178.5
2005:II 198.1
2005:III 213.6
2005:IV 161.9

(-7.7% YOY decline)



Yeah baby!

2/15/2006 03:23:00 PM  
Blogger grim said...

It's the near 25% drop in Q4 versus Q3 that catches my attention.

Keep in mind those numbers are seasonally adjusted. Which means it's not a 'normal slowdown'. In fact, with a decline that steep, it's more like hitting a brick wall.

grim

2/15/2006 03:57:00 PM  
Blogger Richard said...

see this link. this makes no sense to me. this house was orig listed at $650k then dropped to $600k then withdrawn and relisted at the orig. $650k again. it just sold for $651k. are the buyers stupid? didn't their realtor find the expired original listing?

folks, this is why this bubble will last alot longer, cause buyers today are just plain dumb.

http://listings.gsmls.com/SearchDetail/Scripts/PrtBuyFul/PrtBuyFul.asp?prp=Mls&MlsNumList=2218113

2/15/2006 10:12:00 PM  
Anonymous Anonymous said...

Richard, could be stupidity, a bidding war, or both.

2/16/2006 10:45:00 AM  

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