U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
- Single Family Closed Sales were up 1.2 percent to 1,409.
- Townhouse-Condo Closed Sales were down 3.4 percent to 373.
- Adult Communities Closed Sales were down 22.0 percent to 32.
- Single Family Median Sales Price increased 10.6 percent to $625,000.
- Townhouse-Condo Median Sales Price increased 3.8 percent to $415,000.
- Adult Communities Median Sales Price increased 6.8 percent to $557,500.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
