October Monthly Indicator Report for Bergen County

New Construction of Single-Family Homes Jumps to a Six-Month High

Saddle Brook, NJ – (November 29, 2021) New Jersey Multiple Listing Services (NJMLS) monthly indicator report for October shows a continuation of the strong activity in the U.S. housing market in both the rental and residential housing markets.

Within the report is data from the U.S. Department of Housing and Urban Development, citing a 14% jump in construction of single-family homes, to a seasonally adjusted rate of 800,000, a six-month high. Prices for single-family rentals were also on the rise, due to the increasing demand for single-family housing and continued low inventory, which is pushing potential home buyers towards the rental option.

“It’s comforting to see home sale prices remaining strong, despite our continued low inventory challenges, said Greater Bergen REALTORS® immediate past president, Gene Amsel. While the economy continues to fluctuate, prospective home buyers continue to explore safe and consistent mortgage payment options.”

With the colder temperatures upon us, existing home sales continue to be strong due high demand, low interest rates and a rise in new listings over the last few months, according to the National Association of REALTORS®.

Data as of November 20, 2021. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. 

 Click Here for the full showingTime report for the month of October 2021. 

About Greater Bergen REALTORS®

Greater Bergen REALTORS® is a not-for-profit trade organization that serves more than 8,500 REALTOR® members throughout Bergen, Hudson, and Passaic Counties in New Jersey. We empower the success of those we serve by focusing on Connections, Advocacy, Resources, and Education. As the leading voice of real estate in Northern New Jersey, we advocate to protect private property and home-ownership rights.