U.S. sales of existing homes rose 1.2% from the previous month to a seasonally adjusted annual rate of 4.10 million, according to the National Association of REALTORS® (NAR), as buyers took advantage of lower mortgage rates this fall. Sales increased in the Midwest and South, held steady in the Northeast, and edged down in the West. Year-over-year, sales were up 1.7%, with gains in the Northeast, Midwest, and South, while the West posted a decline.
- Single Family Closed Sales were down 6.6 percent to 1,288.
- Townhouse-Condo Closed Sales were down 9.8 percent to 313.
- Adult Communities Closed Sales were up 40.5 percent to 52.
- Single Family Median Sales Price increased 3.8 percent to $650,000.
- Townhouse-Condo Median Sales Price increased 8.3 percent to $455,000.
- Adult Communities Median Sales Price decreased 6.8 percent to $479,750.
Nationally, inventory dipped 0.7% month-over-month but rose 10.9% year-overyear, totaling 1.52 million units, according to NAR. At the current sales pace, supply stands at 4.4 months, slightly below last month’s level but higher than the 4.1 months recorded a year ago. Supported by modest inventory levels, prices continue to rise, with the national median existing-home price increasing 2.1% year-over-year to $415,200, marking 28 consecutive months of annual gains.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
