NEW JERSEY HOME SALES REPORT
If you’re a buyer looking for a home in New Jersey right now, you’re in luck.
The 1st quarter New Jersey Home Sales Report for 2011 was just released, highlighting an all-time high Affordability Index of 151.1. Of course, various factors contribute to calculating the index, including home price, mortgage rates, average income, and the like. So, over time, change is expected. Yet, now, this number shows that buying a home now, if you can afford it, is a worthwhile investment.
Please visit this link to see the full report on the New Jersey Association of Realtors’ website: 2011 N.J. Home Sales Report
The average home price in New Jersey is $314,900, with an average price of $364,400 in Northern NJ and an average of $223,800 in Southern NJ.
Although the graph on page 9 shows that resale activity volume has decreased from last year, it is the right time to buy if you can afford to do so. Almost 110,000 homes are currently being sold in New Jersey, and a little over 57,000 are located in Northern NJ, with plenty of options for various family incomes, mortgages, and location preferences. Numbers for Central and Southern NJ show that 52,000 home are being sold. So wherever you are in the market for a reasonably priced home in the Garden State, there is something for you.
Lastly, New Jersey has a fairly high affordability index of 151.1 compared to the United States average of 191.0. This index of 151.1 rose rapidly from just 131.7 in the third quarter of 2010.
Call Leanne @917 596 2772 or Anna 732 371 3233 with all of your real estate needs.
