While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity in New Jersey in the final week of May to slightly above levels seen in the same week last year.
- Single Family Closed Sales were down 31.8 percent to 1,654.
- Townhouse-Condo Closed Sales were down 38.1 percent to 343.
- Adult Communities Closed Sales were down 39.3 percent to 37.
- Single Family Median Sales Price increased 5.8 percent to $402,000.
- Townhouse-Condo Median Sales Price decreased 3.9 percent to $272,000.
- Adult Communities Median Sales Price decreased 11.3 percent to $315,000.
Buyers have been quicker to return to the housing market in the force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving, and COVID-19 policies continue to soften, real estate activity is expected to continue to improve in the coming weeks.