U.S. existing-home sales edged up 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million units, exceeding economists’ expectations, although sales were down 0.7% year-over-year, according to the National Association of REALTORS® (NAR). On a monthly basis, sales increased in the Midwest, Northeast, and South but decreased in the West.
- Single Family Closed Sales were down 1.8 percent to 1,731.
- Townhouse-Condo Closed Sales were down 3.1 percent to 432.
- Adult Communities Closed Sales were down 6.8 percent to 41.
- Single Family Median Sales Price increased 8.2 percent to $725,000.
- Townhouse-Condo Median Sales Price decreased 2.4 percent to $440,000.
- Adult Communities Median Sales Price increased 39.3 percent to $640,000.
Heading into June, there were 1.54 million units for sale across the country, a 6.2% increase from the previous month and a 20.3% improvement over the same period last year, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the additional supply, home prices have continued to rise nationwide, albeit at a slower pace than during the pandemic, climbing 1.3% year-over-year to $422,800 as of last measure.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
