NJAR Statement on 4Q Home Prices


Edison, NJ – February 13, 2013 – (RealEstateRama) — Reacting to the NATIONAL ASSOCIATION OF REALTORS®’ (NAR) 2012 Fourth Quarter Metropolitan Area Home Prices report, New Jersey Association of REALTORS® (NJAR®) Chief Executive Officer Jarrod C. Grasso today issued the following statement:

“During the fourth quarter of 2012, home prices in seven of the Garden State’s eight metro areas demonstrated growth compared to last year. This shows the continued pride and appeal that consumers have for our great state, as these areas outperformed the Northeast region’s level of growth, which was only 1 percent above last year. However, the highlight of this quarter’s report is the Trenton-Ewing, N.J. figure, which outpaced the U.S. median and rose 12 percent compared to the fourth quarter of 2011.

“Considering our state’s climb from: the residual effects of Hurricane Sandy; the cold winter months; and New Jersey’s continued distended foreclosure inventory, we still have some time before we catch up to the national rate of home price growth. However, we are on the right path.

“It’s also important to remember, New Jersey’s all-season tourist destinations are a mainstay among residents and visitors, and we will continue to attract those who’ve shared a lifetime of memories.”

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The New Jersey Association of REALTORS® is a non-profit organization serving the professional needs of approximately 43,000 REALTOR® and REALTOR-ASSOCIATE® members in the state. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics and are members of the national, state and local REALTOR® organizations. For more information, please visit www.njar.com.

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