The year 2023 could bring more stability to the housing market in New Jersey and elsewhere. The Case-Shiller housing report out Tuesday showed that home prices in the U.S. fell in October for the fourth straight month. This mirrors sales data from the National Association of Realtors, which also has shown consecutive months of declines. In New Jersey, the median sales price for a single-family home was $470,000, according to the most recent data — down from $510,000 over the summer. Market watchers say home prices will likely continue to pull back next year, especially as mortgage rates have climbed.
Days after announcing that Netflix is coming to the state, New Jersey is now sweetening incentives for film studio Lions Gate Films. The New Jersey Economic Development Authority has named Lions Gate as the state’s first-ever studio partner. The designation makes Lions Gate eligible for additional tax credits. Lions Gate is set to lease space at a Newark facility currently under construction. The $194 million project will include five production stages and is expected to be completed in the fall of 2024.
Longtime PSEG executive Ralph Izzo is retiring at the end of this week. He’s currently serving as executive chairman, helping with the transition as Ralph LaRossa took over running the company earlier this year. NJ Spotlight News recently sat down with Izzo and asked what he thought was his biggest accomplishment during his long tenure. He named a few items, including saving PSEG’s nuclear plants and putting energy-efficiency efforts on steroids.
