According to 4th Quarter Statistics posted by the New Jersey Association of Realtors, February 9, 2009, most metropolitan area median home prices, "impacted by distressed sales, trended down in the fourth quarter from a year earlier." At the same time, existing home sales rose "in only six states from the fourth quarter of 2007, (NAR),  New Jersey's seasonally adjusted annual rate of home sales equaled 101,100 in the fourth quarter of 2008, down 15.3 percent form the fourth quarter 2007.

Fourth quarter median sales of existing single-family homes varied across NJ, showing that homes are becoming more affordable. The metropolitan statistical area of Allentown-Bethlehem-Easton,PA-NJ saw a marginal decline of 3.4 percent, while the Trenton-Ewing area saw a decline of 19.2 percent.

What do you think of these findings?

(from NJAR Week in Review February 9, 2009 to February 13, 2009)