Home prices in New Jersey remained stagnant between September and October, reflecting a nationwide cooling down-period for the real estate market, according to a monthly Home Price Index report from CoreLogic, a real estate analytic firm.
The average price of a single-family home in New Jersey fell by 0.33 percent month-to-month. In the Newark region, one of the statistical areas studied by CoreLogic, prices slipped by 0.74 percent. Atlantic City and the Jersey City-New York-White Plains area saw gains of 0.19 percent and 1.21 percent respectively. Camden and Trenton saw declines of 0.66 percent and 0.27 percent.
Nationally, prices increased 0.2 percent.
Mark Fleming, chief economist for CoreLogic, said in a statement that the "monthly growth rate is expected to moderate even further in November and December.”
CoreLogic president and chief executive officer Anand Nallathambi said “the housing market appears to be catching its breath.”
The housing market appears to be catching its breath." Nallathambi
He said "The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal."
Between October 2012 and this past October, single-family home prices rose 12.5 percent nationally, marking the 20th consecutive monthly year-over-year increase.
In New Jersey, homes rose 5.2 percent year-to-year, according to CoreLogic, including 4.9 percent in Newark, 6.3 percent in Atlantic City, 9.2 percent in the Jersey City-New York region, 6 percent in Trenton and 5.3 percent in Camden.
Nearly half the states are within 10 percent of prices levels at their 2006, CoreLogic said. New Jersey, however, is still about 23 percent below peak prices.