Saddle Brook, NJ – August 28, 2023 – Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR).
Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.
Greater Bergen REALTORS® President, Margaret Ajamian notes, “The July data reflects an expected cooling of demand amid climbing mortgage rates and summer vacations, but tight supply continues to put upward pressure on home prices. Though single-family sales fell 18.9% in Bergen County last month, the median single-family price dipped only 0.7% to $690,450. Meanwhile, townhouse-condo prices jumped 12.6% to $450,000 as competition persists in more affordable segments. Nationwide trends show moderating, not collapsing, home sales and prices,” says Ajamian, “There is still motivation for buyers and sellers in today's market, just keep working!”
Click Here for the full ShowingTime report for the month of July 2023
Data as of August 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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