U.S. existing-home sales edged up 0.2% from the previous month to a seasonally adjusted annual rate of 4.02 million, according to the National Association of REALTORS® (NAR). Sales remained unchanged year-over-year. Regionally, existing-home sales rose in the Midwest and South, were flat in the Northeast, and declined in the West. Year-over-year, sales increased in the South, held steady in the West, and fell in the Northeast and Midwest.
- Single Family Closed Sales were down 6.9 percent to 1,386.
- Townhouse-Condo Closed Sales were up 2.2 percent to 372.
- Adult Communities Closed Sales were up 12.2 percent to 55.
- Single Family Median Sales Price increased 7.9 percent to $717,500.
- Townhouse-Condo Median Sales Price increased 3.5 percent to $445,000.
- Adult Communities Median Sales Price increased 8.7 percent to $550,000.
National inventory climbed 5.8% month-over-month and 1.4% year-over-year, with approximately 1.47 million properties listed for sale heading into May, NAR reported. At the current sales pace, that represents a 4.4-month supply, reflecting a modest improvement in inventory conditions compared to a year earlier. Homes spent a median of 32 days on the market, down from 41 days the previous month, while the median existing-home price increased to $417,700, up 0.9% from a year ago.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
