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Rebound expected in N.J. home prices

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Rebound expected in N.J. home prices

After a six-year slide, New Jersey’s housing market appears to be at a turning point, with prices expected to rise this year.

As the market enters the traditionally lively spring selling season, a constellation of factors — more affordable prices, low mortgage rates and a recovering job market — is drawing more buyers. Inventories are tightening as sellers hang back, pointing to a rise in home prices for the first time since 2006.

This reversal was underscored Thursday by East Brunswick appraiser Jeffrey Otteau, who tracks real estate statewide. He predicted that an increase in buyer demand and a shrinking supply of homes will work together to push up prices 3 percent this year in New Jersey.

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