Sale prices on existing homes in the area that includes Monmouth County plunged 11.3 percent in the first quarter, today’s Absury Park Press reports.

The National Association of Realtors pegged the median home price in the Central Jersey region at $320,900 in the first quarter, down from $361,800 a year earlier, the Press reports.

Prices in the region peaked at a median of $376,400 in 2006, the NAR says.

From the Press:

“The numbers show that the housing market is still undergoing a fundamental reset,” said economist James W. Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. “The adjustment process has certainly not run its course.”

The data is based on home sales in Monmouth, Ocean, Middlesex and Somerset counties.

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