NJAR Issues Statement on Second Quarter Home Sales Report

EDISON — Reacting to the National Association of Realtors’ 2008 Second Quarter Metro Home Prices/State Resales report, the New Jersey Association of Realtors, Executive Vice President Jarrod C. Grasso, on Aug. 14 issued the following statement:
“The old adage that all real estate is local is more important in today’s marketplace than ever before. While some metropolitan statistical areas in New Jersey have experienced a slight decline in median sales price, there are areas in the state where home values are holding relatively steady.
“In fact, the Trenton-Ewing area even experienced a 1.6 percent increase in the median sales price of existing single-family homes. This report shows that to get a true understanding of what is happening in one’s local area, it is best to consult with a Realtor because conditions can vary considerably from one area to the next.
“The fact that home sales figures, which are seasonally adjusted, are up by 3.6 percent from last quarter shows the increased FHA loans limits are starting to have a positive impact on New Jersey’s housing market. Whether it’s the first-time home buyer tax credit, permanently higher FHA loan limits, or a property tax deduction for individuals and couples who do not itemize deductions, the recently enacted federal housing stimulus bill creates greater opportunities for the home buying and selling public. This measure along with low interest rates and a tremendous housing stock should spur people to get off the fence and explore their real estate options.
“NJAR® is hopeful that in the fall the New Jersey Legislature will follow suit and work to enact laws that bolster the state housing market, as well as the economy. This process must include reforming current tax policies that hurt homeowners and businesses, including repealing recent increases to the realty transfer fee. It is also imperative that legislators address New Jersey’s property tax crisis. It’s time for Trenton to stop talking about easing the property tax burden and start implementing measures that truly reform our property tax system.”