U.S. existing-home sales rose 2.0% month-over-month and 0.8% year-over-year to a seasonally adjusted annual rate of 4.01 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast a rate of 3.92 million units. Regionally, sales increased on a monthly basis in the West, South, and Northeast, but declined in the Midwest.
- Single Family Closed Sales were down 10.6 percent to 1,770.
- Townhouse-Condo Closed Sales were down 5.7 percent to 429.
- Adult Communities Closed Sales were down 7.5 percent to 49.
- Single Family Median Sales Price increased 2.9 percent to $700,000.
- Townhouse-Condo Median Sales Price increased 3.5 percent to $445,000.
- Adult Communities Median Sales Price increased 2.3 percent to $495,000.
Nationally, 1.55 million units were listed for sale heading into August, up 0.6% from the previous month and 15.7% higher than the same time last year, representing a 4.6-month supply at the current sales pace, according to NAR. Inventory is now at its highest level since May 2020, a shift that has helped slow price growth in many markets. As a result, the national median existing-home sales price edged up just 0.2% year-over-year to $422,400.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
