Industry News

New Jersey real estate sales climb

Price gains significant along coast

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Sales of existing single-family homes, condominiums and co-ops in New Jersey continued at a strong pace in the the fourth quarter, according to the New Jersey Association of Realtors. New Jersey's seasonally adjusted annual rate of home sales totaled 161,900 in the fourth quarter of 2004, up 3 percent from 157,200 in the fourth quarter of 2003. The fourth quarter registered the second-highest sales of the year, with sales in the first quarter at 152,600; sales in the second quarter at 163,100; and sales in the third quarter at 154,800. Median home sale prices across New Jersey showed double-digit increases during the fourth quarter. Fourth-quarter median sale prices in the Atlantic City area showed the largest increase from $182,100 in fourth quarter 2003 to $216,500 in 2004, an increase of 18.9 percent. The next-highest increase was in the Monmouth/Ocean area with the median sale price rising from $290,400 to $338,400 an increase of 16.5 percent. The New Jersey Association o...