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For Further Information Contact: NAR CORRECTS FIRST QUARTER NEW JERSEY HOME SALES DATA WASHINGTON (June 13, 2008) - Following is a statement from the Research Division of the National Association of Realtors® regarding revised data for first-quarter New Jersey existing-home sales. _______________________________________________ On May 13, NAR reported that the seasonally-adjusted annual rate of existing-home sales in New Jersey for the first quarter of this year was 169,600 units, up 4.0 percent from the first quarter of 2007. During an ongoing quality control procedure, additional data entry, and from comments from members of the New Jersey Association of Realtors®, an inadvertent error was discovered. The actual existing-home sales pace in New Jersey was 114,100 in the first quarter, which was 30.0 percent below the 163,000-unit level in first quarter of 2007. Compared with a revised fourth quarter 2007 sales level of 119,400, first quarter sales declined 4.4 percent. NAR accepts full responsibility for this error. NAR takes the data integrity issue most seriously. Special factors and special computer coding have always been involved with New Jersey data in the past, and the current error is specific only to New Jersey. There were no problems with other states, and there is no impact on median home price data. Adjustments to home sales at the regional and national level will be noted in upcoming normal data revision process. NAR apologizes for the error, and recognizes that the market performance in New Jersey has been mischaracterized as a result. It is instituting additional review procedures to ensure no such error is repeated in the future. The median home price for the state of New Jersey was $361,300 in the first quarter of 2007, and $350,700 in the first quarter of 2008, and the data were unchanged from initial reports. The price decline is a modest, manageable decline after the healthy increases in prior years. # # # For Immediate Release: NEW JERSEY DEFIES NATIONAL HOUSING TRENDS: HOME SALES UP 4 PERCENT(Edison, NJ) Sales volume of existing single-family homes, condominiums and co-ops in the first quarter of 2008 increased 4 percent from the same period last year, indicating New Jersey continues to defy national real estate trends. According to statistics released by the NATIONAL ASSOCIATION OF REALTORS® (NAR) today, New Jersey's seasonally adjusted annual rate of home sales equaled 169,600. "Unlike most of the nation, the New Jersey housing market remains stable," said 2008 NJAR® President Drew Fishman, CRS. "Nationally, total sales for single family homes, condominiums and co-ops dropped by 22 percent from the previous year, while New Jersey was one of three states to show an increase. This is just further evidence that New Jersey does not follow national real estate trends." "New Jersey's housing market continually out performs other areas of the country," said NJAR® Executive Vice President Jarrod C. Grasso, RCE. "The Garden State's proximity to New York City and Philadelphia, its extensive transportation infrastructure, and many other positive market forces contribute to the state's healthy real estate market." Fishman noted that while other states have seen home values plunge, there are some areas in New Jersey that have experienced a slight appreciation in home sales prices. NAR's report of metropolitan statistical areas showed that first quarter median sales price of existing single-family homes in the Atlantic City area increased by 4.8 percent. The median sales price grew from $264,600 in the first quarter of 2007 to $277,400 in 2008. The Trenton-Ewing market also experienced an increase in median sales price. The median sales price rose from $283,800 in the first quarter of 2007 to $288,200 in 2008, an increase of 1.6 percent. "It has been said before but it's worth saying again, all real estate is local," Fishman concluded. "National trends don't necessarily translate to every market and that is why it is so vital to contact a REALTOR®. REALTORS® know real estate and they are the ones in the best position to inform the public about what's really happening in their local markets." Grasso added that New Jersey is not immune from many of the national and regional economic trends. "High gas prices and skyrocketing property taxes certainly have an impact on the state's real estate market," added Grasso. "However, what is happening on a national level is not necessarily indicative of what is happening in the Garden State. Although this isn't the 2005 housing market, homes in New Jersey are maintaining their value. With the interest rates still low, consumers should take the time to explore the many real estate opportunities that exist." View the full reports of first quarter 2008 sales volume by state at http://www.realtor.org/ro/research/State051308.pdf and metro area sales price at http://www.realtor.org/ro/research/SFMetro051308.pdf. The New Jersey Association of REALTORS®, with approximately 53,000 REALTOR® and REALTOR-ASSOCIATE® members, is one of the largest trade organizations in the state. NJAR®'s membership is comprised of real estate professionals who subscribe to a strict Code of Ethics and are members of the national and local REALTOR® organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR® is committed to protecting the dream of homeownership. For more information, please visit www.njar.com. # # #
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