U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-overyear to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down month-overmonth in all four regions, with the West experiencing the largest decline, at 9.4%.
- Single Family Closed Sales were down 7.9 percent to 1,206.
- Townhouse-Condo Closed Sales were up 4.7 percent to 354.
- Adult Communities Closed Sales were down 18.0 percent to 41.
- Single Family Median Sales Price increased 8.3 percent to $655,000.
- Townhouse-Condo Median Sales Price increased 4.9 percent to $440,400.
- Adult Communities Median Sales Price decreased 0.1 percent to $500,000.
Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% year-over-year to $403,700 as of last measure.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
