For Immediate Release:
February 11, 2010

NJAR^® RELEASES STATEMENT REGARDING 4^th QUARTER HOME SALES REPORT

(Edison, NJ) Reacting to the NATIONAL ASSOCIATION OF REALTORS^®' (NAR) 2009 Fourth Quarter Metro Home Prices / State Resales report, New Jersey Association of REALTORS^® (NJAR^®) Chief Executive Officer Jarrod C. Grasso, RCE, today issued the following statement:

"Given today’s findings, it appears as though the housing market is becoming more balanced. Existing home sales in New Jersey have shown increases in three consecutive quarters. State resale activity is over 34 percent higher than the fourth quarter of 2008. Other encouraging factors in the current real estate climate include the home buyer tax credits and extremely low interest rates. These incentives, along with more affordable prices, are enticing buyers with good financial backing to look for and find the homes of their dreams.

"Time and again, I have stressed the depth of the connection between the housing market and the economy. The housing market truly serves as the engine that fuels state and national economies. In demonstrating the connection, it should be noted that interest in the housing market has improved despite impairments in the job market. Based on the rising number of resales, it appears that the market has found its footing. As the general economy begins to recover and jobs are added, the pace of housing sales should accelerate.

"In a high-cost state like New Jersey, home price is a major factor in the purchase of real estate. While the first-time home buyer tax credit has helped purchasers in the lower price ranges, the extended tax credit for repeat buyers has the potential to aid those sellers seeking to trade up to a larger home. Stabilization of home prices in New Jersey’s metropolitan areas is beneficial to both sellers and buyers, as it will make real estate more affordable for working families."

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The New Jersey Association of REALTORS^® is a non-profit organization serving the professional needs of approximately 50,000 REALTOR^® and REALTOR-ASSOCIATE^® members in the state. REALTOR^® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR^® organization's strict Code of Ethics and are members of the national, state and local REALTOR^® organizations. For more information, please visit www.njar.com.

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