Economist says N.J. housing recovery will drag through 2020
Though the pace of sales activity in New Jersey’s residential real estate market has picked up dramatically over the past year, home prices across the state have barely nudged toward their prerecession levels, leading one local industry watcher to forecast their recovery will drag through 2020.
With the exception of Mercer and Cape May counties, average home prices throughout New Jersey dropped significantly between July 2008 and July 2012, according to a national report by Irvine, Calif.-based RealtyTrac.
But Jeffrey Otteau, president of East Brunswick-based Otteau Valuation Group, said the RealtyTrac data don’t account for “the mix of house sales that has changed over time.” (Eder, NJBIZ)
