NCJAR News
In November 2023, pending home sales in the United States remained unchanged compared to October, according to the National Association of REALTORS®. While the Northeast, Midwest, and West regions experienced monthly gains in transactions, the South recorded a decline. Year-over-year, all four U.S. regions showed decreases in transactions.
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, stayed at 71.6 in November, reflecting a 5.2% year-over-year decline. A value of 100 equals the contract activity level in 2001.
Lawrence Yun, NAR chief economist, noted that despite declining mortgage rates not leading to more formal contracts in November, there was an increase in interest, as seen in higher lockbox openings.
Regional breakdown:
Reflecting on 2023 and Embracing Opportunities Together!
As we bid farewell to 2023, it's a pleasure to reflect on the incredible journey we've shared as a community. North Central Jersey Association of Realtors (NCJAR) has thrived because of the collective dedication, hard work, and support of each and every member.
In 2023, our community faced challenges and celebrated triumphs, but through it all, the strength of NCJAR shone brightly. Together, we navigated a dynamic real estate landscape, adapting to changes and embracing growth opportunities. It's inspiring to witness the resilience and determination that defines our community.
As we usher in the New Year, let's carry forward the spirit of collaboration and camaraderie. One of the greatest assets of NCJAR is the network of passionate professionals who make up our membership. The opportunities for learning, sharing, and growing together are boundless.
In celebration of the New Year, our NCJAR offices will be CLOSED on Monday, January 1, 2024. We appreciate your understanding and wish you a fantastic start to 2024!
If you have any questions and concerns, please email us at
Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.
- Single Family Closed Sales were down 19.1 percent to 1,386.
- Townhouse-Condo Closed Sales were down 11.1 percent to 384.
- Adult Communities Closed Sales were down 28.1 percent to 41.
