U.S. existing-home sales climbed 1.5% month-over-month and 4.1% year-overyear, reaching a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than a year. Regionally, monthly sales advanced in the Northeast, South, and West, while the Midwest experienced a slight decline.
- Single Family Closed Sales were up 2.9 percent to 1,512.
- Townhouse-Condo Closed Sales were up 11.7 percent to 428.
- Adult Communities Closed Sales were up 5.9 percent to 54.
- Single Family Median Sales Price increased 7.4 percent to $650,000.
- Townhouse-Condo Median Sales Price increased 0.7 percent to $430,000.
- Adult Communities Median Sales Price decreased 12.6 percent to $489,500.
Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14.0% higher than the same period last year. This represents a 4.6-month supply at the current sales pace, according to NAR. The median existing-home price grew 2.1% year-over-year to $415,200, continuing the trend of annual price gains. The Midwest saw the largest year-over-year increase in median sales price, followed by the Northeast and South, while prices remained mostly flat in the West.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
