Standard and Poor's Case/Shiller National Home Price Index vs. South Jersey Home Prices - 2nd Quarter 2008

The Standard and Poor's/Case Shiller national home price index reported that the price of U.S. single-family homes declined 15.4% in the second quarter of 2008 when compared to the second quarter of 2007.  Once again, I researched certain South Jersey real estate second quarter numbers of 2008 just to see how they compared with 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.  The statistics are from the second quarter of 2008 and second quarter of 2007 reports.  Now lets determine if there was any percentage change:

• Burlington County - The average sales price of homes, which sold in the second quarter of 2008, was $276,200.  The average sales price of homes, which sold in the second quarter of 2007, was $290,700.  This was a decline of 5% ($-14,500).  When compared to the Standard and Poor's/Case Shiller national home price index, Burlington County actually performed better by over 10.4 percent.

• Camden County - The average sales price of homes, which were sold in the second quarter of 2008, was $215,800.  The average sales price of homes, which were sold in the second quarter of 2007, was $223,900.  This was a decline of 3.6% ($-8,100).  When compared to the Standard and Poor's/Case Shiller national home price index, Camden County actually performed better by over 11 percent.

• Gloucester County - The average sales price of homes, which were sold in the second quarter of 2008, was $235,500.  The average sales price of homes, which were sold in the second quarter of 2007, was $249,800.  This was a decline of 5.7% ($-14,300).  When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County actually performed better by 9.7 percent.

• Salem County - The average sales price of homes, which were sold in the second quarter of 2008, was $191,100.  The average sales price of homes, which were sold in the second quarter of 2007, was $199,700.  This was a decline of 4.3% ($-8,600).  When compared to the Standard and Poor's/Case Shiller national home price index, Gloucester County actually performed better by over 11 percent. 

In summary, all four counties - Burlington, Camden, Gloucester, and Salem - had average home sales price declines in the second quarter of 2008 when compared to the second 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.  Camden 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.  Gloucester 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 show that real estate is ALWAYS LOCAL.