News

Saddle Brook, NJ – January 24, 2024- U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.

Saddle Brook, NJ – August 28, 2023 – Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR).

Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.

Saddle Brook, NJ – August 3, 2023 – Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season.

According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

Saddle Brook, NJ – July 5, 2023 – During the month of May, the housing market in Bergen County, NJ has continued to impact homebuyer affordability. As we head into a hot summer, economists are predicting the market will continue to cool, affecting both buyers and sellers.

According to the National Association of REALTORS® (NAR), existing home sales continue to decline for the second consecutive month falling 3.4% nationwide, with sales down 23% from a year ago and contract sales down 20.3%.

Saddle Brook, NJ – May 30, 2023 – The housing market in Bergen County, New Jersey, usually in full bloom mid-spring, has seen several changes in April. Earlier this season, the drop in mortgage interest rates was promising for potential buyers and sellers. Rates have fluctuated since, causing many buyers to put the brakes on purchasing homes.

Saddle Brook, NJ – May 2, 2023 – As the U.S. housing market continues to fluctuate, Bergen County, NJ is riding the same wave of changes. The month of March has since seen an uptick in sales and homebuyer activity, with most folks celebrating a victory in the drop in mortgage rates during the beginning of the spring season, where the majority of contracts were signed. Mortgage rates this month are back up to 7%, from 6% just a few weeks ago.