U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over year decline since January 2012, according to NAR.
- Single Family Closed Sales were down 32.4 percent to 1,245.
- Townhouse-Condo Closed Sales were down 36.2 percent to 316.
- Adult Communities Closed Sales were down 6.0 percent to 47.
- Single Family Median Sales Price increased 3.2 percent to $530,750.
- Townhouse-Condo Median Sales Price increased 13.2 percent to $373,500.
- Adult Communities Median Sales Price increased 19.9 percent to $485,000.
Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
