Industry News
There’s a familiar feeling returning to the housing market this spring across New Jersey: activity is picking up—but not quite breaking through.
According to the National Association of REALTORS® (NAR), pending home sales—a key indicator of future closings based on contract signings—rose 1.5% in March, marking the second consecutive monthly increase. On the surface, that’s encouraging news. But for REALTORS® working in NCJAR markets, the story behind the numbers feels even more nuanced.
A Market Waiting to Move
Locally, many agents are seeing the same pattern: serious buyers are out there, engaged, pre-approved, and ready—but waiting.
Inventory remains the defining constraint. While national housing supply ticked up slightly (just 2.3% year-over-year), that modest gain doesn’t come close to meeting demand—especially in high-pressure regions like North and Central New Jersey. Communities across Somerset, Union, Morris, and Essex counties continue to face tight supply, particularly in move-in-ready and moderately priced homes.
The result? Buyers are pausing, watching, and waiting for more options to hit the market this spring.
NAR Chief Economist Lawrence Yun reinforced what many NCJAR® members are experiencing firsthand: there is clear pent-up demand, but it cannot fully translate into closed sales without more homes available.
New Advocacy Scoop Episode | Affordability & Fair Housing – The Latest from DC
Major bipartisan housing legislation is gaining momentum in Congress—and the outcome could shape the future of housing affordability and supply.
In this episode of Advocacy Scoop, EVP and Chief Advocacy Officer Shannon McGahn and VP of Advocacy Communications Patrick Newton take a closer look at this once-in-a-generation bill – where it stands and what needs to happen next for it to become law.
As the industry recognizes Fair Housing Month, and marks the 58th anniversary of the Fair Housing Act, this episode details the programs, partnerships, and policy efforts making a difference today.
Existing-home sales posted a modest increase in February, according to the latest National Association of REALTORS® Existing-Home Sales Report, signaling gradual movement in the housing market as affordability improves and mortgage rates trend lower.
A Small Uptick in Sales
Existing-home sales increased 1.7% month-over-month, reaching a seasonally adjusted annual rate of 4.09 million in February. Despite the monthly improvement, sales remain 1.4% lower than one year ago, reflecting a market that is still adjusting to higher costs and limited inventory.
Sales activity rose in the Midwest, South, and West, while the Northeast experienced a decline month-over-month.
Inventory Slowly Improving
There’s a lot of industry conversation around “coming soon” listings and private listing networks. NAR this week reaffirmed it doesn’t have a national policy governing “coming soon” listings. Listing rules and marketing parameters are largely set and enforced by local MLSs. In its statement, NAR noted its long-standing support for MLS systems and the role they play in providing broad, transparent access to listing information.
For more information, please visit: https://www.inman.com/2026/03/05/nar-releases-statement-on-coming-soon-listings-and-public-marketing/
