NJ Home Prices Slowly Returning To 2006 Levels

A story by Core Logic has found that seven years after New Jersey home prices hit their peak, they are begining to return to those levels:

A home price index report by CoreLogic found home prices in the Garden State are still 22.5 percent below where they were in 2006, but have increased 4.7 percent from September 2012 to this past September. Single-family homes fared better at 19.75 percent below peak, and up 4.9 percent year-over-year.

A quarterly market analysis by the Otteau Valuation Group in East Brunswick found median home prices in New Jersey rose 6.4 percent in the third quarter over last year. It marks the largest rise since the housing recovery began and is the fourth consecutive quarterly increase.

According to Otteau, the median home price in New Jersey increased to $315,693 in the third quarter, up from $296,679 one year earlier.

Now is the time to buy, before prices go up even further and Anne Koons can help you find your home. Below, you can get the 5 steps for homebuyers to help start your home search.

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