Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability. Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year. With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.
- Single Family Closed Sales were down 22.8 percent to 1,525.
- Townhouse-Condo Closed Sales were down 28.9 percent to 388.
- Adult Communities Closed Sales were down 7.0 percent to 53.
- Single Family Median Sales Price increased 1.4 percent to $563,000.
- Townhouse-Condo Median Sales Price increased 12.8 percent to $380,000.
- Adult Communities Median Sales Price decreased 7.0 percent to $469,900.
While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
