NULLUnsold housing inventory in New Jersey now reflects a 12-month supply up from 11 months last year at this time. Given that five months is the balance point for housing supply, it is a virtual certainty that home prices will decline further this year. A closer look at unsold housing inventory shows that market dynamics differ greatly according to a homeÂs price range. As shown in the chart above, there is only a 10-month supply for homes priced less than $400,000, as compared to 108 months (nine years) for those in excess of $2.5 million. The weakness in luxury-priced homes is attributable to New JerseyÂs continuing loss of high-paying jobs since 2000 coupled with the recent effects of the economic recession and financial market meltdown.
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