Standard and Poor's Case/Shiller National Home Price Index vs. South Jersey Home Prices - 4th Quarter 2008

The Standard and Poor's/Case Shiller national home price index reported that the price of U.S. single-family homes declined 18.2% in the fourth quarter of 2008 when compared to the fourth quarter of 2007. This research includes comparisons of western South Jersey fourth quarter real estate average home price numbers of 2008 versus the Standard and Poor's/Case Shiller national home price index. The Trend Multiple Listing Service's Economic and Marketwatch Report provided the housing market statistics of the four counties representing western South Jersey, specifically the fourth quarter of 2008 and fourth quarter of 2007. Now lets determine if there was any percentage change:

• Burlington County - The average sales price of homes, which sold in the fourth quarter of 2008, was $250,700. The average sales price of homes, which sold in the fourth quarter of 2007, was $261,900. This was a decline of 4.3% ($-11,200). When compared to the Standard and Poor's/Case Shiller national home price index, Burlington County actually performed better by 13.9 percent.
• Camden County - The average sales price of homes, which were sold in the fourth quarter of 2008, was $199,100. The average sales price of homes, which were sold in the fourth quarter of 2007, was $211,700. This was a decline of 6.0% ($-12,600). When compared to the Standard and Poor's/Case Shiller national home price index, Camden County actually performed better by 12.2 percent.
• Gloucester County - The average sales price of homes, which were sold in the fourth quarter of 2008, was $234,100. The average sales price of homes, which were sold in the fourth quarter of 2007, was $238,600. This was a decline of 1.9% ($-4,500). When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County actually performed better by 16.3 percent.
• Salem County - The average sales price of homes, which were sold in the fourth quarter of 2008, was $177,700. The average sales price of homes, which were sold in the fourth quarter of 2007, was $190,900. This was a decline of 6.9% ($-13,200). When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County actually performed better by 11.3 percent.

In summary, all four counties - Burlington, Camden, Gloucester, and Salem - had average home sales price declines in the fourth quarter of 2008 when compared to the fourth quarter of 2007. However, the home sales price decline was significantly less for all four counties when compared to the Standard and Poor's/Case Shiller national home price index. Gloucester County had the lowest percentage decline in the four county comparison when measured against the Standard and Poor's/Case Shiller national home price index. Salem County had the highest percentage decline in the four county comparison when measured against the Standard and Poor's/Case Shiller national home price index. The following stats reveal that real estate is ALWAYS LOCAL.