Pages from NJAR NCJAR MMI 2018 11The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.

  • Single Family Closed Sales were up 4.6 percent to 1,843.
  • Townhouse-Condo Closed Sales were down 6.2 percent to 391.
  • Adult Communities Closed Sales were down 36.6 percent to 26.
  • Single Family Median Sales Price increased 4.6 percent to $365,000.
  • Townhouse-Condo Median Sales Price decreased 3.5 percent to $251,750.
  • Adult Communities Median Sales Price decreased 2.5 percent to $331,500.

The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings.

NCJAR Total Market Stats

Morris County

Somerset County

Union County

Essex County