Home prices in New Jersey remained stagnant between September and October, reflecting a nationwide cooling down-period for the real estate market, according to a monthly Home Price Index report from CoreLogic, a real estate analytic firm.
The average price of a single-family home in New Jersey fell by 0.33 percent month-to-month. In the Newark region, one of the statistical areas studied by CoreLogic, prices slipped by 0.74 percent. Atlantic City and the Jersey City-New York-White Plains area saw gains of 0.19 percent and 1.21 percent respectively. Camden and Trenton saw declines of 0.66 percent and 0.27 percent.
Nationally, prices increased 0.2 percent.
Mark Fleming, chief economist for CoreLogic, said in a statement that the “monthly growth rate is expected to moderate even further in November and December.”
CoreLogic president and chief executive officer Anand Nallathambi said “the housing market appears to be catching its breath.”