Saddle Brook, NJ (December 1, 2022) – The existing home sales continue to decline for the eighth consecutive month; according to the National Association of REALTORS®, there has been a drop of 1.5% as of the last measure, with sales down nearly 24% from the same period last year. Pending home sales have also declined, dropping 10.9% month to month. Experts say that this was not an expected decline.

High inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool. In Bergen County, single-family closed sales decreased by 23.9%; townhouse-condos closed sales decreased by 22.4%, and adult communities closed sales decreased by 16.7%.

The median sales price for single-family homes was up 6.7% to $634,950; Townhouse- Condo median sales prices also increased 5.7% to 391,000. Adult communities’ median sales price was down 10.5% to $375,000.

As the US housing market goes under a major shift, affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes despite the price gains slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their homes, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

Click here to read the complete monthly indicator report for October 2022.