Home Prices In Region Rise, But Slower Than National Pace – Business – Northjersey.com

Housing has been turning in mixed economic numbers in the last few months. Prices and sales of existing homes have shown improvement, while construction and sales of new homes continue to lag. Both nationally and in the New York metropolitan area, which includes North Jersey, the housing bust wiped out a decades worth of gains; single-family home values are now at the same level they were in summer 2004. Values in the region are about 20 percent below their peaks in mid-2006, while values nationally are about 18 percent below that peak. In Bergen County, single-family home prices ticked down 0.3 percent in May from a year earlier, to a median $450,000. In Passaic, prices dropped 2.6 percent, to a median $285,000. http://www.northjersey.com/news/business/home-prices-in-region-rise-but-slower-than-national-pace-1.1058756

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