Jones Lang LaSalle

Jersey home prices still rising

In New Jersey, home sales may be falling but prices are still red hot.

In its quarterly survey, the National Association of Realtors found existing home sales in New Jersey, which includes single-family home and condos, dipped 7.7 percent in the fourth quarter compared with the same period a year earlier.

Nationally, existing home sales rose an ever-so-slight 0.3 percent during the fourth quarter.

But across the country, home prices continued to soar. Nationally, the median price of a home rose 13.6 percent to $213,000. Of the 145 metro areas surveyed, 72 showed double-digit gains, according to the NAR.

In the Northeast, the median price of a home rose 8 percent to $240,300. The strongest gains in the region could be found in the New York City-Wayne-White Plains area of New York and New Jersey, where the median price of a home soared 19.2 percent to $537,300. The larger region of the New York-Northern New Jesey-Long Island area climbed 16 percent to $459,600.