NEW YORK– The Federal Reserve Bank of New York report on year-over-year home price changes shows a definite softening of the recently frenzied home real estate market in Cape May County.
December home price data released by the New York Fed this week gives evidence of a still healthy market in the county where December 2021 to December 2022 prices rose 12.9% compared to a 6.9% national average. Yet that market is slowing from the 20%–plus year over year increases that have been common in Cape May County’s Fed data throughout 2021 and much of 2022.
The Fed has been tracking home prices since 2003. For most of the period of the pandemic since March 2020, Cape May County has led all counties in New Jersey and New York in home price index growth. The 12.9% rise in December home prices year–over–year is the lowest such statistic in 15 months.
Homes in the county are still commanding average double digit price increases and they remain well over the national average, but each month’s data is showing easing in residential home price growth.
