As members of the North Central Jersey Association of Realtors (NCJAR), staying informed about the national housing market trends is crucial for guiding clients effectively. The latest report from the National Association of REALTORS® (NAR) reveals noteworthy developments in existing-home sales, offering valuable insights into the state of the market as we begin 2025.

Key Highlights

• Sales Growth: December saw a 2.2% increase in total existing-home sales compared to November, with a seasonally adjusted annual rate of 4.24 million. This marks a significant 9.3% year-over-year growth from December 2023.

• Annual Trends: Despite the December rebound, 2024 recorded the lowest annual existing-home sales volume since 1995 at 4.06 million. However, the median home price hit a record high of $407,500.

• Inventory Levels: Total housing inventory at the end of December stood at 1.15 million units, down 13.5% from November but up 16.2% year-over-year. The unsold inventory represented a 3.3-month supply at the current sales pace.

Regional Performance

• Northeast: Sales climbed 3.9% month-over-month to an annual rate of 530,000, up 10.4% from December 2023. The median price surged 11.8% to $478,900.

• Midwest: Sales slipped by 1.0% in December to an annual rate of 990,000 but still rose 6.5% year-over-year. The median price increased by 9.0% to $298,600.

• South: A 3.2% monthly sales increase brought the annual rate to 1.93 million, reflecting a 9.0% year-over-year rise. Median prices grew 3.4% to $361,800.

• West: Sales increased 2.6% month-over-month to an annual rate of 790,000, up 12.9% year-over-year. The median price rose by 6.0% to $614,500.

As tax season approaches, NCJAR is thrilled to share a valuable opportunity tailored to our members. The February 2025 Tax Summit, hosted by the Center for REALTOR® Financial Wellness and sponsored by IRAR Trust Company, is a must-attend virtual series designed specifically to help REALTORS® navigate the complexities of the 2024 filing year, reduce stress, and maximize their earnings.

In today’s ever-changing tax landscape, staying informed is more critical than ever. That’s why we’re bringing in Greg Antipoff, a renowned CPA and real estate tax strategist, to share practical insights and strategies to help REALTORS® stay ahead of the curve. This four-part series is packed with actionable advice and expert guidance to empower your financial success.

Summit Details

• Dates: Wednesdays, February 5, 12, 19, 26
• Time: 10:00 AM PT | 11:00 AM MT | 12:00 PM CT | 1:00 PM ET
• Duration: 1 hour per session
• Cost: $59 for members | $69 for non-members
• Access: All sessions will be recorded for on-demand viewing

Realtors®, staying informed on changes to the NAR Code of Ethics is vital to maintaining professionalism and upholding the trust of your clients and community. The National Association of Realtors® (NAR) has implemented several key updates for 2025. Here's what you need to know:

1. Clarified Standards on Discriminatory Practices
   NAR has strengthened the language in Article 10 to further prohibit discriminatory practices. Realtorsimg alt="®️" s" w" h" /" must ensure that all clients are treated equally, regardess of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity.
2. New Guidance on Social Media Use
   Standard of Practice 15-5 now provides explicit guidance on maintaining professionalism in digital communications. Realtors® are reminded to avoid making false, misleading, or defamatory statements about competitors and to exercise care in all social media interactions.
3. Updated Hearing Procedures
   Changes to the Professional Standards process include improved timelines for ethics and arbitration hearings. These updates aim to streamline dispute resolution while maintaining fairness and transparency.