Despite improving affordability conditions, U.S. existing-home sales declined 8.4% to a seasonally adjusted annual rate of 3.91 million, a 4.4% drop from one year earlier, according to the National Association of REALTORS® (NAR). The slowdown followed a 5.1% increase the previous month and modest gains throughout the fall. Sales retreated month-over-month and year-over-year in all four regions.
- Single Family Closed Sales were down 12.1 percent to 788.
- Townhouse-Condo Closed Sales were down 8.9 percent to 215.
- Adult Communities Closed Sales were down 9.7 percent to 28.
- Single Family Median Sales Price increased 6.1 percent to $610,000.
- Townhouse-Condo Median Sales Price increased 1.2 percent to $425,000.
- Adult Communities Median Sales Price increased 18.8 percent to $509,750.
Nationally, the median existing-home price inched up 0.9% year-over-year to $396,800, a new high for the month, NAR reported. Home prices have continued to rise across much of the country, in part due to low supply, which remains below pre-pandemic levels. Total housing inventory stood at 1.22 million units as of the most recent reading, up 3.4% from one year earlier, representing a 3.7-month supply at the current sales pace.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
