may2019.MarketStatsAt this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.

  • Single Family Closed Sales were up 4.9 percent to 2,115.
  • Townhouse-Condo Closed Sales were up 9.2 percent to 500.
  • Adult Communities Closed Sales were down 6.3 percent to 45.
  • Single Family Median Sales Price increased 6.1 percent to $392,500.
  • Townhouse-Condo Median Sales Price increased 6.7 percent to $288,000.
  • Adult Communities Median Sales Price increased 1.4 percent to $360,000.

An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. That said, the Northeast, including the bulk of New York and New Jersey, is achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.

NCJAR Total Market Overview

Morris County

Somerset County

Union County

Essex County