NCJAR News
In 2023, the real estate market faced significant challenges, marking the lowest volume of existing-home sales since 1995. According to the National Association of REALTORS®' (NAR) 2024 Member Profile, 26% of REALTORS® identified inventory shortages and housing affordability as the main barriers preventing clients from purchasing homes.
Market Conditions and REALTOR® Challenges The past year proved difficult for REALTORS® due to high mortgage rates and low housing inventory, significantly impacting sales volume. Jessica Lautz, NAR deputy chief economist and vice president of research, highlighted the intense competition REALTORS® faced to secure client representation and accepted offers in a tough market.
Elevate Your Skills
Join us for a lineup of compelling Continuing Education (CE) courses and events. Don't miss out on the opportunity to stay ahead in your field!
Featured Upcoming NCJAR CE Courses:
- FREE Virtual: ABR Two Day Core Course | 12 Ethics - Tuesday-Wednesday, July 16th-17th at 9:00am-4:00pm (click link to register)
- Virtual: Multiple Offers...Be Prepared - 3 Core - Tuesday, July 23rd at 9:30am-12:30pm (click link to register)
As the real estate landscape evolves, NCJAR is adapting to better serve you. We’re excited to announce the sale of our four buildings in Morristown, Wayne, Bloomfield, and Westfield. We'll be moving to a new, centrally located building designed to meet your needs.
Why This Change?
- Financial Responsibility: Our current buildings are underutilized as education, seminars, and meetings have shifted online. Consolidating into one regional office reduces overhead costs, allowing us to use your membership dollars more effectively.
- Enhanced Member Experience: A centralized location offers a streamlined, modern hub for all your professional needs. We'll also maintain small satellite spaces for lockbox and board store purchases.
- Virtual Innovation: We're investing in robust online platforms to enhance virtual education, support, and networking, making it easier to access essential resources from anywhere.
- Strategic Growth: This move aligns with our 2024-2026 Strategic Plan, positioning NCJAR to be more agile and responsive to your evolving needs.
What’s Next?
U.S. existing-home sales fell for the second month in a row, sliding 1.9% monthover-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
- Single Family Closed Sales were up 1.2 percent to 1,554.
- Townhouse-Condo Closed Sales were up 9.2 percent to 428.
- Adult Communities Closed Sales were up 25.9 percent to 68.