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Fed Report: Cape May Led State in Home Price Increases

Fed Report: Cape May Led State in Home Price Increases

By Vince Conti

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Andy Dean Photograph/Shutterstock.com

The Federal Reserve of New York has released a report on year-over-year home prices, comparing February 2024 to February 2023. Cape May led all New Jersey counties with a 16% increase.

The 16% increase represents the highest the county’s index has been since the pandemic years, when the county saw increases of well over 20% each year. The numbers suggest an expectation of continued health in the county’s real estate market.

Nationally, the increase in home prices was 5.5%.

The New York Fed maintains home price index data that is updated monthly for 1,200 U.S. counties. New Jersey’s 21 counties are part of that index every month.

Contact the reporter, Vince Conti, at vconti@cmcherald.com.

Reporter

Vince Conti is a reporter for the Cape May County Herald.

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