January Monthly Indicator Report for Bergen County
Saddle Brook, NJ – (February 23, 2022) Existing home sales reached their highest level since 2006, a trend carrying over from 2021, according to the National Association of REALTORS®(NAR), and part of its January 2022 monthly indicator report. According to NAR, home sales climbed by 8.5 % compared to the previous year, coinciding with historically low mortgage rates, which have since begun to rise. Off-setting this positive news is the continued lack of available inventory, which dipped to record low territory, dropping 2.3 % from December and a whopping 16.5% from a year earlier.
“It was very encouraging to see the upward trend in home sales continue in January, said Bill Gilsenan, Greater Bergen Realtors® Vice President. The need for additional inventory will remain at the front and center of our conversations in the months ahead so that we can attempt to provide home buyers more options and along with that, a decrease in overall costs.”
Existing-home sales in the Northeast grew 6.8% in January, posting an annual rate of 780,000, an 8.2% decline from January 2021. The median price in the Northeast was $382,800, up 6.0% from one year ago. The median existing-home price for all housing types in January was $350,300, up 15.4% from January 2021 ($303,600), as prices rose in each region. This marks 119 consecutive months of year-over-year increases, the longest-running streak on record.
The sudden spike in mortgage rates and home sale prices translates into a higher monthly bill when compared to a year ago, which may eventually slow sales as potential home buyers become priced out of the market.
Data as of February 20, 2022. 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 January 2022
About Greater Bergen REALTORS®
Greater Bergen REALTORS® is a not-for-profit trade organization that serves more than 8,800 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.
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