House prices in the New Jersey are climbing again after a six-year roller coaster ride in which they lost roughly a quarter of their value. Buyers who have been waiting have jumped back in, creating bidding wars for many desirable properties. Market reports show that median home prices hit a bottom in late 2011 or early 2012. “Across the board, it is on fire,” said Jeffrey G. Otteau, a New Jersey-based appraiser. Mr. Otteau frets that the market is rising so fast that it could be the beginning of a new housing bubble that could burst if interest rates begin rising before robust job creation returns. Increased mortgage rates reduce the purchasing power of buyers and can dampen prices.
New Jersey Real Estate Prices Swell
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