Saddle Brook, NJ – August 3, 2023 – Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season.
According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.
Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-month’s supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.
“As the market winds through summer, inventory continues to drop while interest rates continue to rise this month. The Bergen County market continues to see over asking prices and multiple offers on homes, especially those that are priced correctly. N.A.R. economists do not foresee a recession so, the question remains, when will we get back to a normal market?” asks GBR Immediate Past President, Robert Funabashi, adding, “The answer in my opinion is probably not until mid next year. The bright spot is that if you're ready, willing and able to sell, don't wait, put your home on the market now to maximize your return on investment.”
Highlights from June 2023 Report:
- Single Family Closed Sales decreased 24.0 percent to 526.
- Townhouse-Condo Closed Sales decreased 13.6 percent to 228.
- Adult Communities Closed Sales increased 30.0 percent to 13.
- Single Family Median Sales Price was down 0.1 percent to $700,051.
- Townhouse-Condo Median Sales Price was up 2.4 percent to $452,000.
- Adult Communities Median Sales Price was up 6.4 percent to $460,000.
Click Here for the full ShowingTime report for the month of June 2023.
Data as of July 20, 2023. 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®. Report © 2023 ShowingTime.
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.
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