Home sales up 4 percent in New Jersey

Sales volume of existing single-family homes, condominiums and co-ops in the first quarter of 2008 increased 4 percent from the same period last year, indicating New Jersey continues to defy national real estate trends.

(APP) -- According to statistics released by the National Association of Realtors (NAR), New Jersey's seasonally adjusted annual rate of home sales equaled 169,600.

"Unlike most of the nation, the New Jersey housing market remains stable," said Drew Fishman, CRS, 2008 New Jersey Association of Realtors (NJAR) president. "Nationally, total sales for single-family homes, condominiums and co-ops dropped by 22 percent from the previous year, while New Jersey was one of three states to show an increase. This is just further evidence that New Jersey does not follow national real estate trends."

"New Jersey's housing market continually outperforms other areas of the country," said Jarrod C. Grasso, RCE, NJAR executive vice president. "The Garden State's proximity to New York City and Philadelphia, its extensive transportation infrastructure and many other positive market forces contribute to the state's healthy real estate market."

Fishman noted that while other states have seen home values plunge, there are some areas in New Jersey that have experienced a slight appreciation in home sales prices.