Saddle Brook, NJ – (September 27, 2022) According to the most recent real estate market analysis report, Summer 2022 has been a season of change for the U.S. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of the last measure, according to the National Association of REALTORS® (NAR). Pending home sales have continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August.

The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow. Bergen county report indicated that single-family closed sales decreased 24.9 percent to 632. Townhouse-Condo closed sales decreased 5.6 percent to 272, and adult communities closed sales decreased from 11.1 percent to 8.

Meanwhile, single-family median sales Price was up 8.0 percent to $675,000; townhouse-condo median sales price was down 4.3 percent to $397,000, and adult communities’ median sales price was up 48.0 percent to $531,250.

Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.

Data as of September 20, 2022. 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 © 2022 ShowingTime.

Click Here for the full ShowingTime report for the month of August 2022.