The median price for an existing single-family home in the area that includes Monmouth and Ocean counties rose 7 percent in the fourth quarter of 2010, the National Association of Realtors said Thursday.
The median price for a house that sold in Monmouth, Ocean, Middlesex and Somerset counties rose to $350,600, up from $327,700, the figure in the fourth quarter of 2009. For the year, the median price rose to $345,400, up from $331,900 in 2009, a 4 percent rise.
The median price means that means that half the homes sold for more, and the other half for less.
The number of home sales, including condominiums and single-family homes, rose 9.7 in the fourth quarter over the third quarter, the association said. But for 2010, sales, affected by the expiration of the homebuyers’ tax credit early in the year, fell 27.1 percent.
New Jersey is starting to see signs of a recovery, said Jarrod C. Grasso, chief executive officer of the New Jersey Association of Realtors. The median price throughout the Garden State showed year over year growth in the fourth quarter.
The price in Essex, Hunterdon, Morris and Union counties rose 6.7 percent to $364,100, while the area that includes Bergen, Hudson and Passaic counties rose 3.9 percent to $450,700.
“This is encouraging news for local housing markets as it shows strength in New Jersey property values,” Grasso said. “With affordable prices approaching an upward trend, the opportunity to ‘buy low,’ coupled with favorable interest rates, seems to be getting shorter.”