[Waldwick, NJ – July 26, 2020] – We are halfway through the year, and while much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers.

The current numbers and stats for the month of June indicate the following: Single Family Closed Sales decreased 27.9 percent to 470, townhouse-condo closed sales decreased 51.0 percent to 120 and adult communities closed sales decreased 16.7 percent to 5. The single-family median sales price was up 6.0 percent to $530,000; townhouse-condo median sales price was up 7.0 percent to $363,750. Adult communities’ median sales price was up 69.2 percent to $539,000.

While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.

Even though there is uncertainty of what is come due to the current global pandemic and economic crisis Realtors are confident that the market is on the upswing. Greater Bergen realtors 2020 Vice President, Yesenia Frias said ““Even though current events are having a negative effect in our nation, it is good to see that the real estate market is resilient and hanging in there with record breaking sales and numbers during the last couple of months.”

Data as of July 20, 2020. All data from New Jersey MLS and Hudson County MLS. The margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2020 ShowingTime.

Greater Bergen REALTORS® provides invaluable information, programs and services to ensure the success of its members in everyday business. As the leading voice of real estate in North Jersey, we advocate for the public to protect private property rights as well as the right to homeownership. The association is a highly influential and important member of the local, state, and National REALTOR® family. Greater Bergen REALTORS® represents over 7,800 in northern New Jersey.  For more information, please visit www.GreaterBergenRealtors.com.       

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