South Jersey housing market takes a hit

The Courier Post recently reported that South Jersey home sales dropped 22 percent in the first half of 2011, due to strict loan requirements and low consumer confidence.

The news source found homes were taking 86 days to sell in 2010, and are taking 104 days in 2011. Steve Storti, senior vice president of Prudential Fox & Roach Realtors, told the news source that the dropoff from last year is expected as last summer homebuyers were taking advantage of a government tax incentive. Median sale prices should start to pick up once the luxury market becomes more active, according to the news source.

William Strehle, a real estate agent at Century 21 in Woodbury Heights, New Jersey, said distressed properties are driving prices down and clogging up the market, putting sellers at a disadvantage. Meanwhile, qualified buyers remain cautious, uncertain about the economic climate.

"Even though the rates are low and there are good deals, people are worried about losing their jobs," Strehle told the news source.

The South Jersey market illustrates the flailing housing market's lack of recovery, but is below the national average. The U.S. Census Bureau recently released the new residential sales report for June 2011. The report found new single-family home sales in June increased 1.6 percent from June 2010, but was 1 percent below May. 

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