According to Fiserve Case-Shiller, here in Basking Ridge we’ve seen a 2.6% decline in median home prices since Q4 2008.

Mr. Stiff said the expiration of the federal tax credit for first-time home buyers, which ends Friday, also will weigh on prices.

“We expect that prices will drop by a little bit more and will stabilize a little bit later than for the U.S. as a whole,” according to Mr. Stiff.

He added that in the New York City region, the more expensive areas will experience less dramatic price declines than less expensive markets.