N.J. real estate values to drop by 1 percent as Christie’s administration seeks to shore up market

NEWARK — Real estate values across the state are falling and the number of new listings is dropping.

According to the real estate website RealtyTrac, which tracks listings on the National Association of Realtors website, the number in New Jersey is down 8.5 percent from the same time last year.

The state’s total inventory of homes is down 13.6 percent from a year ago, and home sales are down 5.6 million from last year, according to Realty Trac.

“As we enter the fourth quarter, there’s not a lot of new homes being built in the state,” said David Parnell, Realtytrac’s chief economist.

The market has already been hit hard by Christie’s veto of the state’s controversial “Bridgegate” law, which would have allowed the Christie administration to temporarily close lanes on Interstate 91 and have the state shut down if a certain percentage of the bridge construction went smoothly.

The governor has repeatedly said that he will not enforce the law.

But a lawsuit filed by New Jersey’s largest construction unions says that is not enough.

Many in the construction industry have said they won’t have the money to do repairs or even pay for repairs to the bridges that carry goods from one section of the Hudson River to another.

And a recent survey by the realtor group Trulia found that only 18 percent of buyers surveyed in the region are aware that the Christie-appointed administration is targeting the state.

In a statement, the Realtor’s Association said that Christie’s actions were “in the best interest of our members, who will continue to have access to affordable housing, affordable education, and access to good-paying jobs.”