U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
- Single Family Closed Sales were down 4.2 percent to 888.
- Townhouse-Condo Closed Sales were up 0.9 percent to 235.
- Adult Communities Closed Sales were up 24.0 percent to 31.
- Single Family Median Sales Price increased 4.5 percent to $575,000.
- Townhouse-Condo Median Sales Price increased 1.7 percent to $425,000.
- Adult Communities Median Sales Price decreased 5.9 percent to $429,000.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
