Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of REALTORS® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring, increasing for the third consecutive month, according to NAR.
- Single Family Closed Sales were down 23.7 percent to 1,353.
- Townhouse-Condo Closed Sales were down 21.7 percent to 367.
- Adult Communities Closed Sales were down 19.0 percent to 51.
- Single Family Median Sales Price increased 3.1 percent to $500,000.
- Townhouse-Condo Median Sales Price increased 6.2 percent to $345,000.
- Adult Communities Median Sales Price increased 15.7 percent to $450,000.
Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131-month streak of annual price increases.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County