Real estate sales are down, and prices are up in the first week of 2018.
In the New Jersey real estate market, home sales rose 0.6 per cent to a seasonally adjusted annual rate of 3,094 units in the month of October, according to data from Zillow.
That’s a 6.3 per cent increase over the same period last year, and a seasonal low.
In the state, home values have fallen by more than 5 per cent since last September.
Home values have declined in nine of the top 10 metropolitan areas.
Home sales in New Jersey are down 12 per cent from last year.
The state’s housing market has been battered by the economic downturn, and the loss of affordable housing, especially for first-time buyers, has left a gaping hole.
In recent years, home prices have fallen, leading to a number of new rules and regulations for real estate agents, who now have to have an office or apartment within a certain distance of their home.
In a bid to stem the trend, New Jersey has enacted a number new regulations, including requiring agents to provide information about property taxes, and having minimum deposit requirements.
The number of vacancies for realtors rose to 523, according, to the office of New Jersey’s attorney general.
In some cases, agents can’t get their offices or apartments to their homes, and are forced to use temporary rentals.
According to the Attorney General’s Office, those agents were also fined $100,000 in February and March for failure to comply with the new regulations.
The Attorney General is urging other states to follow New Jersey and to enact similar rules.
In 2018, the number of vacant homes increased to 5,837, according the Attorney Generals office.
Home prices are also down, although the pace of growth has slowed in recent months, the data showed.
Home Prices: November 2018 Home prices are down 0.7 per cent compared to last year in New York, according data from realtor.com.
That’s a 3.2 per cent decrease from last November.
The median price is up 5.5 per cent, according figures from Zilow.
The median price for a single-family home in New Yorkers home market has dropped 11.3 percent from November 2018 to November 2019.
That drop is a smaller percentage of the median price of $1.9 million, according Zillows data.
In New York state, the median home price dropped 7.4 per cent in November 2018 from November 2019 to November 2020.
The state has the nation’s highest median home value at $834,500.
In Los Angeles, the largest metropolitan area in the United States, home price growth has been slower, according property data firm Zillower.
In December, home market data firm HomeDepot reported that the median priced home in Los Angeles was $1,095,000, up 2.5 percent from December 2018.