News

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 – 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.