"The states housing market is dead."
Sales volume of existing single-family homes, condominiums and co-ops in the first quarter of 2008 increased 4 percent from the same period last year, indicating New Jersey continues to defy national real estate trends.
"New Jersey's housing market continually outperforms other areas of the country," said Jarrod C. Grasso, RCE, NJAR executive vice president. "The Garden State's proximity to New York City and Philadelphia, its extensive transportation infrastructure and many other positive market forces contribute to the state's healthy real estate market."
2008-06-14: VINDICATION - NJ Q1 Home Sales down 30%
Email sent to Jeff Otteau on May 14th:
from James Bednar
to Jeffrey Otteau
date Wed, May 14, 2008 at 11:54 AM
subject First Quarter Otteau Report
I’m trying to reconcile the Q1 Otteau Reports with the Q1 EHS data released by the NAR yesterday.
According to the data you publish, first quarter sales in NJ were down by double digit percentages, see below:
(see original article for data...VINDICATION - NJ Q1 Home Sales down 30%)
2008-06-14: NJ home sales plunged 30 percent in first quarter
When the National Association of Realtors issued its first-quarter report on the health of the housing market last month, New Jersey was singled out as one of only three states that saw the volume of home sales increase during the first three months of the year.
On Friday, the Realtors' group issued a huge correction, saying that instead of a slight increase, New Jersey's housing market actually saw a 30 percent drop in home sales during the first quarter compared with the same period last year.
"It happened in the crunching of the numbers," said NAR spokesman Lucien Salvant. "It was just a mistake and we owned up to it."
As it turns out, only 114,100 homes were sold across the state during the first quarter - nearly a third less than the 163,000 sales recorded in the first three months of 2007.
Jeffrey Otteau, president of the East Brunswick research firm Otteau Valuation Group, said he suspected the NAR's original numbers were out of whack when they were issued May 13.
2008-06-13: NAR revises housing numbers
The National Association of Realtors has just issued a whopper of a correction, saying that instead of a slight increase, New Jersey's housing market actually saw a 30 percent drop in home sales in the first quarÂter compared to last year.
2008-06-14: NAR Corrected: NJ Q1 Home Sales down 30%
(discussion at Calculated Risk)