August2020.MarketStatsThe housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.

  • Single Family Closed Sales were up 13.7 percent to 3,242.
  • Townhouse-Condo Closed Sales were up 6.7 percent to 617.
  • Adult Communities Closed Sales were up 14.8 percent to 62.

  • Single Family Median Sales Price increased 17.5 percent to $470,000.
  • Townhouse-Condo Median Sales Price increased 5.1 percent to $290,000.
  • Adult Communities Median Sales Price remained flat at $357,500.

 

As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.

 

NCJAR Total Market Overview - August 2020

Morris County

Somerset County  

Union County

Essex County

Passaic County