NCJAR News
The latest data from the National Association of REALTORS® offers a nuanced look at the state of the U.S. housing market—and what it means for buyers, sellers, and REALTORS® alike. As market conditions evolve, staying informed allows you to better serve your clients and navigate your next transaction with confidence. Here’s what stood out in May’s report.
Sales Climb Month-Over-Month, but Remain Soft Year-Over-Year
- Existing-home sales rose 0.8% in May, reaching a seasonally adjusted annual rate (SAAR) of 4.03 million units.
- Despite this monthly gain, sales were down 0.7% compared to May 2024.
Economists attribute the muted overall pace to elevated mortgage rates. According to NAR Chief Economist Lawrence Yun, “Lower interest rates will attract more buyers and sellers to the housing market. Increasing participation will drive economic growth.”
Inventory Rises, Offering Relief for Buyers
- Total housing inventory climbed to 1.54 million units, a 6.2% jump from April and a notable 20.3% increase from one year ago.
- This translates to a 4.6-month supply—up from 3.8 months in May 2024.
This increase in inventory suggests a more favorable environment for buyers, with more options and slightly more breathing room in negotiations.
From elegant architectural details to the echoes of a bygone era, historic homes offer undeniable charm and character. But owning one comes with unique responsibilities that every prospective buyer should understand before signing on the dotted line. Whether you're captivated by ornate crown moldings or dreaming of restoring a century-old farmhouse, here’s what you need to know before buying a historic property.
What Makes a Home “Historic”?
A home is typically considered historic if it's at least 50 years old and has preserved its original architecture or holds cultural significance. Some homes are officially recognized and listed on the National Register of Historic Places (NRHP) or are located within a local historic district. These designations aren’t just for bragging rights—they can impact how the property is maintained, renovated, and even marketed.
Renovation Restrictions: What’s Allowed and What’s Not
Buying a historic home is a bit like joining an exclusive club—there are rules to follow. Local preservation ordinances often limit changes to the home’s exterior, and in some cases, to interior elements as well. For example, you may need approval from a historic preservation board for updates like repainting, adding solar panels, replacing windows, or expanding square footage.
Think of it like an HOA with deeper roots. It’s essential to research these guidelines before you make an offer or during your contingency period to avoid surprises or costly delays.
Ready to lead, grow, and elevate your real estate career? NCJAR’s comprehensive 150-Hour NJ Broker Licensing Program is your path to becoming a licensed real estate broker in New Jersey.
Whether you're managing agents or opening your own office, this flexible, high-impact program sets you up for success.
What’s Included in the 150-Hour Broker Education Program?
- 30-Hour Office Management Course (Leadership, Finance, Fair Housing)
- 90-Hour General Real Estate Broker Course (Core Concepts)
- 30-Hour Real Estate Ethics & Agency (ETHICS + Core CE)
💥 Why Choose NCJAR?
Trusted by REALTORS® across NJ | NJREC-approved courses | Taught by experienced industry pros | Flexible live virtual format | Competitive pricing
Each year, the North Central Jersey Association of Realtors® proudly recognizes outstanding members who exemplify leadership, dedication, and service to both the real estate industry and their communities. Now is the time to nominate deserving individuals for NCJAR’s prestigious annual awards.
About the Awards
We are currently accepting nominations for:
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REALTOR® of the Year
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Rookie of the Year
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Affiliate Business Partner of the Year
