Embargoed Until 4:30 p.m.:
June 13, 2008

NJAR^® REACTS TO HOUSING STATISTICS CORRECTION

(Edison, NJ) The New Jersey Association of REALTORS^® (NJAR^®) Executive Vice President Jarrod Grasso issued the following statement in reaction to the NATIONAL ASSOCIATION OF REALTORS^®' (NAR) report that the seasonally-adjusted annual rate of existing-home sales in New Jersey for the first quarter of 2008 is incorrect.

"The New Jersey Association of REALTORS^® (NJAR^®) was alerted by its members that the housing statistics for the first quarter of 2008 did not appear to be accurate. Upon hearing this news, we took immediate action to rectify the situation by reaching out to the NATIONAL ASSOCIATION OF REALTORS^® (NAR) to determine if in fact the numbers were correct.

"After closer examination, the NATIONAL ASSOCIATION OF REALTORS^® confirmed that there was an error. Instead of a 4 percent boost in sales volume from the first quarter 2007 to the first quarter 2008, New Jersey experienced a 30 percent decline. The sales price report was not impacted by the error and some areas still show an increase.

"Rest assured, that the NATIONAL ASSOCIATION REALTORS^® is deeply committed to presenting the most accurate statistics and information to the public. NJAR^® has been assured by the NATIONAL ASSOCIATION OF REALTORS^® that steps will be taken to ensure that no incidents like this occur in the future.

"NJAR^® firmly believes there are opportunities in today's real estate market. We encourage first-time buyers, renters, and trade-up buyers to capitalize on this opportunity. People who are looking to purchase a home can take advantage of low interest rates and a large selection of available properties."

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