Home sales and prices rise again in fourth quarter

Mercer Business, Mar 01, 2004

Sales volume of existing single-family homes, condominiums and coops in the fourth quarter of 2003 reached the highest levels of the year in New Jersey. According to statistics released by the NATIONAL ASSOCIATION OF REALTORS(R), sales totaled 153,300 in the fourth quarter of 2003, up 12.1% from the fourth quarter of 2002, when sales totaled 136,800. Sales in the first quarter of 2003 totaled 148,900; second quarter 132,600; and third quarter 147,200.

"The housing market continues to be a strong and positive factor in New Jersey's economy," said NJAR President Charles Oppler. "The fourth quarter of 2003 posted the highest sales volume all year. With mortgage rates holding steady and the overall economy improving, more people may feel now is the right time to buy."

Median home sale prices across New Jersey also rose during the fourth quarter of 2003. Fourth quarter median sale prices in the Atlantic City area showed the largest increase from $150,800 in 2002 to $172,200 in 2003, an increase of 14.2%. The next highest increase was in the Trenton area with the median sale price rising from $181,400 to $204,600 an increase of 12.8%. (Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. They include the specified city or cities and surrounding suburban areas.)