october 2022 market statsExisting home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

  • Single Family Closed Sales were down 31.7 percent to 1,677.
  • Townhouse-Condo Closed Sales were down 26.6 percent to 470.
  • Adult Communities Closed Sales were down 14.5 percent to 59.
  • Single Family Median Sales Price increased 4.8 percent to $503,000.
  • Townhouse-Condo Median Sales Price increased 5.6 percent to $335,000.
  • Adult Communities Median Sales Price increased 3.7 percent to $425,000.

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

NCJAR Total Market Overview

Morris County

Somerset County

Union County

Essex County

Passaic County