U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.
- Single Family Closed Sales were up 8.6 percent to 1,917.
- Townhouse-Condo Closed Sales were up 1.0 percent to 422.
- Adult Communities Closed Sales were up 3.9 percent to 53.
- Single Family Median Sales Price increased 9.7 percent to $669,000.
- Townhouse-Condo Median Sales Price increased 6.5 percent to $416,000.
- Adult Communities Median Sales Price decreased 7.5 percent to $495,000.
Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
