All eight of New Jersey’s metropolitan areas showed growth in home prices during the second quarter, according to the National Association of Realtors’ Second Quarter Metropolitan Area Home Prices report.
The Allentown-Bethlehem-Easton, Pa.-N.J. metro area showed significant growth with prices up 19.2% annually in the second quarter.
Finally showing a turnaround, the Edison, N.J. market, which had been negative for several quarters, showed modest growth at 0.8%.
“Because of the slower foreclosure process in New Jersey, our real estate market’s recovery has been behind the curve,” said Jarrod Grasso, CEO of the New Jersey Association of Realtors.
“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,” he added.