U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
- Single Family Closed Sales were down 10.4 percent to 1,810.
- Townhouse-Condo Closed Sales were down 6.4 percent to 479.
- Adult Communities Closed Sales were down 6.4 percent to 44.
- Single Family Median Sales Price increased 11.7 percent to $670,000.
- Townhouse-Condo Median Sales Price increased 16.1 percent to $449,500.
- Adult Communities Median Sales Price increased 1.1 percent to $470,000.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
