By Colleen O'Dea, NJ Spotlight
The national housing market may be on the rebound, at least for new-home sales, but prices in New Jersey are still dropping in most communities, state data shows.
According to an analysis of the average residential sales price for New Jersey communities over the last five years, the typical sales price dropped between 2011 and 2012 in almost three-quarters of towns. In 21 municipalities, the decline was more than 25 percent from year-to-year. And nine in 10 municipalities logged an average home sales price in 2012 that was lower than five years earlier.
Average home-sale prices in both Fair Lawn and Saddle Brook have dipped more than 20 percent since 2008, with Fair Lawn real estate having fallen slightly more than real estate in Saddle Brook.
Homes sold in Fair Lawn in 2012 went for an average of $321,221, down more than 15 percent from the year before and down nearly 25 percent from the average of $427,408 that a borough home went for in 2008.
In Saddle Brook, the average home sold for $322,390 in 2012, a 9.1 percent decrease from 2011 and a 22.2 percent drop from 2008 when the average home sold for $414,507.
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