According to the NATIONAL ASSOCIATION OF REALTORS® (NAR) second quarter 2010 State Resale report, New Jersey existing home sales have far outpaced the nation. Existing home sales in the Garden State increased 15.4 percent from the first quarter of 2010 to the second. New Jersey's resales are 29.9 percent higher than the second quarter of last year. The national figure for second-quarter resales only showed a quarterly sales increase of 9.1 percent and a yearly increase of 17.3 percent.
In addition, each of New Jersey's metro areas showed year-over-year growth in median home price, according to NAR's Metropolitan Area Home Price report. According to NJAR® CEO Jarrod Grasso, "This may be a sign of market stability. Even with the tax credit out of the equation, today's buyers can experience record-low interest rates and affordable prices. However, these conditions will not last forever."