Housing sales in NJ have been rising since May 2011. What is more important it is “organic” growth – not a result of some financial gimmick like the “first time home buyer tax credit” or some bank bailout. This growth is real. There are 4 key drivers fueling the growth. Job creation, consumer confidence, historically low interest rates and housing prices.
Add these drivers to the facts that mortgage rates are at an all time low (i.e. 3.75%-4.5% depending on loan type etc.) and so are the housing prices and buying a house now makes far more sense than renting a home.