Home Prices in Most States are back up -but not in NJ yet

Home prices are now within 15% of what they were at what is considered the peak in 2006. An increase of up to 6.9% from last year in most states, with an anticipated increase over the next year of up to 5%.

This is good news for the overall Real Estate market, but California and New Jersey are still the exceptions in catching up to the peak level, with housing still 26.3% and 21.2% down below the peak respectively. These are of course the reported averages, and may not reflect what is actually happening in a specific area.

Still it is certainly a consideration if you are thinking of selling or buying a home.  With mortgage rates set to increase over the next year it may just not be worth it for sellers to wait until the pricing is fully recovered, as it could edge some buyers out of your price range and limit your own buying power. And Buyers may want to act now while prices and mortgages are still low.

Sources: “National Home Prices Nearing Pre-Crash Levels,” Mortgage News Daily (Aug. 26, 2013), DAILY REAL ESTATE NEWS | TUESDAY, AUGUST 27, 2013,  “REALTOR Mag, Weds.Aug.28, 2013”

Pat Linde-Neidermeyer

Veltri Realtors, Spring Lake
Contact me: PatatVeltri@Gmail.com

 Now Here’s a look at Closed Sales for the week of Aug. 23 through Aug. 29 in our area.

AVON BY THE SEA

515 Jefferson Ave., $570,000.; 114 Sylvania Ave., $1,896,000.

BELMAR
2008 Ocean Ave., $970,000.; 308 11th Ave., $1,260,000.

BRADLEY BEACH
307 McCabe Ave., $375,000.

LAKE COMO

725 22nd Ave., $270,000.

SEA GIRT

300 The Terrace, $$2,300,000

SPRING LAKE HEIGHTS
201 6th Ave., $299,500.

SPRING LAKE

527 Brighton Ave.,  $650,000.; 2222 3rd Ave., $960,000.

WALL

1520 Walnut St., $325,000.; 2393 Beech St., $340,000.;
1625 Dubac Rd., $590,000.
1212 Manito Rd., $640,000.; 2163 Village Rd., $670,000.;
1618 Martin Rd., $715,000.

All closed sale prices listed are as submitted and recorded by the Monmouth Multiple Listing Service. Not responsible for typographical errors.