MANHATTAN – Each month, the New York Federal Reserve tracks year-over-year price increases for homes. They compare, for example, the same month in 2021 to its counterpart in 2022.
The Fed has been tracking home prices since 2003. For well over a year, Cape May County led all counties in New Jersey and New York in home price index growth.
With the availability of July data, that has now changed. For the first time since the pandemic started in March 2020, Cape May County no longer leads in year-over-year home price increases in New Jersey. That position now falls to Ocean County with a 20% increase in prices, followed by Sussex and Cape May, each at 18.5%.
That leaves Cape May County well-situated, but the drop from June to July was 18%. Even Ocean County’s price data showed a decrease when comparing June’s percentage to July’s.
This is just one data point that indicates a national slowing in home price increases. This slowing is leaving even some hot markets slightly less frenzied.
The Cape May County housing market since the pandemic has left 11 of the county’s 16 municipalities below the true cost to assessed value ratio that often serves as a trigger for municipal revaluations. A busy time for tax assessors may be just around the corner.
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