NCJAR News
U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.
- Single Family Closed Sales were down 12.7 percent to 1,456.
- Townhouse-Condo Closed Sales were down 14.7 percent to 342.
- Adult Communities Closed Sales were down 7.7 percent to 36.
Let’s give a Warm welcome to NJCAR’s newest affiliate member, Joseph Vorel, Senior Mortgage Advisor, of Provident Bank.
Joseph Vorel is a real estate financing professional originally from New York. He has held sales and management positions as both a Mortgage Broker and a Mortgage Banker, and brings more than 30 years of industry success to the Provident Mortgage Banking team. Joseph takes the time to truly understand your financial needs, and has the knowledge and resources that will allow you to obtain a mortgage that is right for you. "I am committed to my relationship with my customers, real estate professionals and those individuals who had the confidence to recommend me. I give my time to those who need it. I share my expertise and offer the best advice on how to navigate the mortgage process. I help my clients compare financing options and qualifications and expedite the process."
Please be advised that in observance of the upcoming holiday, all NCJAR board offices will be CLOSED on Monday, February 19, 2024. This temporary closure is in recognition of the holiday, allowing our staff and members to observe this special day with their families and loved ones.
We will resume operations and RE-OPEN our doors at our regular business hours, from 9:00 AM to 4:30 PM, Monday through Friday, starting on Tuesday, February 20, 2024.
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