Saturday, May 22, 2010
NJ Leads National Recovery in Home Sales
Along with being number one in blueberry and eggplant production, highway off ramps, and property taxes, New Jersey has now outpaced the rest of the U.S. in sales of homes. According to the National Association of Realtors, New Jersey was one of only three states that showed positive growth in sales volume from the fourth quarter of 2009 to the first quarter of 2010.
New Jersey’s growth in homes sales bucked both the national trend, where sales growth diminished by 14 percent, and the Northeast regional trend, where sales volume dipped by 17.7 percent. The quarterly growth in real estate sales in New Jersey, at 6.8 percent, was the best growth in the nation among high-volume states and was second among all states in the nation, exceeded only by Wyoming.
In a recent Op Ed for The Bergen Record, Jarrod Grasso, CEO of the NJ Association of Realtors cites several reasons for the Garden State's attraction to homebuyers including: the firming up of New Jersey's local markets, and the support for tourism and transportation not to mention proximity to the major markets of New York and Philadelphia.
The nationwide data show that the volume of existing home sales in New Jersey has increased in each of the last four quarters. The Garden State is one of only two states that can boast of this positive trend. Confidence in the market is high, home prices are both reasonable and appropriate, and mortgages are affordable and available.