U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
- Single Family Closed Sales were up 4.4 percent to 2,019.
- Townhouse-Condo Closed Sales were up 4.6 percent to 479.
- Adult Communities Closed Sales were down 20.6 percent to 50.
- Single Family Median Sales Price increased 8.5 percent to $678,000.
- Townhouse-Condo Median Sales Price increased 5.7 percent to $430,000.
- Adult Communities Median Sales Price decreased 0.6 percent to $497,000.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
