U.S. existing-home sales unexpectedly rose 1.7% month-over-month to a seasonally adjusted annual rate of 4.09 million, as lower mortgage rates helped boost buyer activity, according to the National Association of REALTORS® (NAR). Monthly sales increased in the Midwest, South, and West but decreased in the Northeast. Sales increased year-over-year in the South, but fell in the Northeast, Midwest, and West.
- Single Family Closed Sales were down 7.1 percent to 1,001.
- Townhouse-Condo Closed Sales were down 1.8 percent to 325.
- Adult Communities Closed Sales were up 16.7 percent to 35.
- Single Family Median Sales Price increased 4.8 percent to $650,000.
- Townhouse-Condo Median Sales Price decreased 2.3 percent to $420,000.
- Adult Communities Median Sales Price decreased 8.1 percent to $469,000.
Data from NAR show that inventory continued to grow nationwide, ticking up 2.4% month-over-month and 4.9% year-over-year to 1.29 million units heading into March, representing a 3.8-month supply at the current sales pace. Meanwhile, home prices increased for the 32nd consecutive month, climbing 0.3% year-overyear to $398,000.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
