A member of the New Jersey Association of Realtors (NJAR) questioned recent stats released by the NAR regarding first quarter reports that home sales in the state rose by 4%. NJAR took the question to national. Upon further review, NAR found instead of a 4% boost in home sales from the 2007 first quarter to the 2008 first quarter, New Jersey actually experienced a 30% decline!!! WHAT????
In a statement NAR took full responsibility for the error, and has taken steps to ensure such errors don't occur in the future. NAR said there were no problems with data from other states.
The 30% decline should not be viewed as a continued slide, according to real estate experts. They say that April figures are only 9% below those of April of 2007, and further improvement is expected in May.
But as they say all real estate is local. Here in Ocean County home sales in April, 2008 actually rose 1% over the same month in 2007. Make it more local, and you'll find 30 homes sold in Manahawkin (Stafford Twp) in April 2008, the same number that sold in April 2007. In Barnegat Township, April 2008 sales were 25 residental units, compared to 26 the previous year.