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Home prices rise across N.J.'s metro areas in second quarter

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Home prices across all New Jersey's metropolitan areas rose in the second quarter of this year, according to new statistics released by the National Association of Realtors.

That includes the area around Edison, where home prices had been on the decline in recent months. In the second quarter, the area broke out of that pattern, with a slight increase of 0.8 percent that raised the median home price to about $299,000.

"Because of the slower foreclosure process in New Jersey, our real estate market's recovery has been behind the curve," Jarrod Grasso, CEO of the New Jersey Association of Realtors, said in a statement. "However, the second quarter of this year has shown signs that the Garden State's real estate market is getting back on track with our median home price growth rate, similar to that of the Northeastern United States."

The Allentown-Bethlehem-Easton area of Pennsylvania, which the National Association of Realtors lists as one of eight New Jersey metro areas, saw the most significant growth. The median home price there rose 19.2 percent, to about $228,000.

The Trenton-Ewing area marked the second-largest increase, with the median home price there climbing 7.7 percent, to about $278,000.

"It should be noted that home prices are still lower than the real estate boom era, and interest rates are still low, though (they) are rising," Grasso said. "We are hopeful that as potential sellers see home prices starting to rise, they'll be more likely to list their homes, leading to a more robust marketplace."

Reporter Mary Johnson is @mjohns422 on Twitter.

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Write to the Editorial Department at editorial@njbiz.com

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