Fourth quarter data reveals home prices dropped in three out of four New Jersey metro areas tracked by the National Association of Realtors (NAR).
Data compiled by the NAR showed median home prices for a single-family home in the Newark-Union area fell 1.1 percent from the previous year to $357,000. They dropped more dramatically in the Trenton-Ewing (down 5.7 percent to $232,900) and Atlantic City (down 4.7 percent to $217,200) areas. Only the Edison region showed an increase, up 6.1 percent to $308,400. The median price is where half of the homes sold for more and half sold for less.
Nationally, NAR found median prices increased in 119 of 164 statistical markets it studies. The national median existing single-family home price was $196,900 in the fourth quarter, up 10.1 percent from $178,900 in the fourth quarter of 2012. In the third quarter the median price rose 12.5 percent from a year earlier.