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Home price growth in NYC, North Jersey lags rest of U.S.

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file photo by Boyd Loving

By Erin O’Neill | NJ Advance Media for NJ.com
on September 27, 2016 at 5:35 PM, updated September 27, 2016 at 6:03 PM

Home prices in the New York area ticked up slightly over the last year but increased at a slower rate than 19 other major metropolitan markets in the country, according to a new report released on Tuesday.

The S&P CoreLogic Case-Shiller 20-City Composite index notched a 5 percent year-over-year increase in July led by big gains in real estate values in the Pacific Northwest, specifically Portland and Seattle. The New York region, including northern New Jersey, saw home prices rise just 1.7 percent over that same time frame, the weakest growth among all of the cities included in that index.

The Washington, D.C., area’s rise in home prices was the second-worst at 2 percent year-over-year.

http://realestate.nj.com/realestate-news/2016/09/homes_prices_case_shiller_new.html

5 thoughts on “Home price growth in NYC, North Jersey lags rest of U.S.

  1. That’s partially because the post bubble decline was not as severe in the NYC metro area as it was in most other areas in the country.

  2. Avg assessed values in Ridgewood are down from over $800K to under $700K, that’s a big post bubble decline based on lower realized sale values. Stick your real estate mumble jumbo where it belongs please.

  3. What are you talking about 2:39? You mention two very different metrics in the same sentence as if they were the same thing. Not only that, you are using a very small sample size, which is not in a small way impacted by the death of the ARC project which, had it continued, was scheduled to provide Ridgewood with a one seat train ride into midtown as early as next year. My original point is valid. NYC metro didn’t decline as much as Vegas, Florida and California did. Their rebound is going to be more pronounced than ours for that reason alone. It’s simple math. At teh local level, based on sale prices in my immediate area, our house is worth about 15-20% more than we paid for it 7 years ago, and that’s including all the improvements we’ve made. It’s a sellers market in Ridgewood right now. If you’re that down on it, call a realtor and leave.

  4. Thanks 3:05, as you point out it’s worth 15-20% more because of improvements not because of the market. It’s a sellers market if you sell below market above $1.0mn. Rental yields down, high-end not moving. But keep spinning your dreamy dreams as property taxes grind higher (to pay for unsustainable contractual promises to our teachers and municipal employees) than realized sales prices in Ridgewood. It’s always a sellers’ market when you spin real estate garbage.

  5. Average assessed values of all homes in Ridgewood is a small sample size? What are you taking about 3:05?

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