Central Jersey Anecdote

Someone that I know who lives in the Mendham part of New Jersey and is trying to sell their single family house said that the market has taken a real dive in the past two to three weeks. He said that in his area, houses in the $500 thousand to $1 million range are not seeing any interest and that motivated sellers are already reducing prices by $40k to $60k.

Looking at the new home sales data that came out today and hearing various stories like the one above, I think we are starting to see the first meaningful evidence that house prices might have already peaked sometime this past summer.