U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
- Single Family Closed Sales were up 6.9 percent to 1,516.
- Townhouse-Condo Closed Sales were down 4.3 percent to 403.
- Adult Communities Closed Sales were up 5.9 percent to 54.
- Single Family Median Sales Price increased 8.0 percent to $605,000.
- Townhouse-Condo Median Sales Price increased 3.7 percent to $420,000.
- Adult Communities Median Sales Price increased 20.9 percent to $550,000.
There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
