U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.
Highlights from October 2023 Report:
• Single Family Closed Sales decreased 23.9 percent to 357.
• Townhouse-Condo Closed Sales decreased 19.6 percent to 160.
• Adult Communities Closed Sales increased 160.0 percent to 13.
• Single Family Median Sales Price was up 8.7 percent to $685,000.
• Townhouse-Condo Median Sales Price was up 7.0 percent to $419,500.
• Adult Communities Median Sales Price was up 13.3 percent to $425,000.
Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existinghome sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.
Click Here for the full ShowingTime report for the month of October 2023.
Data as of November 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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