U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
- Single Family Closed Sales were up 8.6 percent to 1,535.
- Townhouse-Condo Closed Sales were up 23.3 percent to 397.
- Adult Communities Closed Sales were up 23.7 percent to 47.
- Single Family Median Sales Price increased 7.1 percent to $600,000.
- Townhouse-Condo Median Sales Price increased 10.5 percent to $430,000.
- Adult Communities Median Sales Price increased 6.5 percent to $480,000.
Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8- month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
