Home Prices In Wayne Area Continue To Rise

WAYNE, NJ — National home prices broke another yearly growth record as buyer demand remained strong and housing supply stayed tight.

Prices increased 1 percent from June to July in the New York-Jersey City-White Plains NY-NJ Metropolitan Division, according to the latest data from the S&P CoreLogic Case-Shiller Index, one of the leading trackers of the housing market. Prices were up 19.1 percent in July 2021 over July 2020.

Prices in the bottom third of the local market — homes priced under $439,000, often designated as starter homes — increased 22.6 percent year over year. The top third of the market (homes over $666,000) saw an 18.2 percent increase.

Nationally, home prices increased 1.3 percent from July to August 2021, according to CoreLogic data. Price growth was slower than in June to July 2021, when prices rose 1.8 percent nationally.

On a yearly basis, prices increased 18.1 percent from August 2020 to August 2021, the highest increase in 45 years. Prices for single-family homes grew by 19.8 percent over the past year; attached properties such as condominiums grew by 12 percent.

Passaic County is part of the New York-Jersey City-White Plains NY-NJ Metropolitan Division, a term the U.S. Census Bureau uses to designate areas with strong economic ties. Many MSAs contain more than one county.

Editor's note: This post was automatically generated using an analysis of the Case-Shiller Index data from CoreLogic Inc. by The Associated Press. Please report any errors or other feedback to [email protected].