Saddle Brook, NJ – February 26, 2024 - U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.
Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from. Going into December there were 1.13 million units for sale, down 1.7% from the previous month but up 0.9% from the same period last year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices remain high nationwide, with NAR reporting the median existing home price rose 4% annually to $387,600 as of last measure, the fifth consecutive month of year-over-year price gains. Homebuyer demand is picking up, and without a significant increase in supply, experts believe home prices will likely remain elevated for some time to come.
“Home prices in Bergen County continue to rise, while inventory continues its downward spiral,” states Greater Bergen REALTORS® 2024 Vice President, Jim Arakelian. “Home sellers are truly reaping the benefits of long term homeownership with many homes selling at an all time high”.
Highlights From January 2024 Report:
- Single Family Closed Sales decreased 6.8 percent to 274.
- Townhouse-Condo Closed Sales increased 12.4 percent to 145.
- Adult Communities Closed Sales remained flat at 5.
- Single Family Median Sales Price was up 15.1 percent to $672,500.
- Townhouse-Condo Median Sales Price was up 15.8 percent to $440,000.
- Adult Communities Median Sales Price was up 78.3 percent to $615,000.
Click Here for the full ShowingTime report for the month of January 2024.
Data as of February 23, 2024. 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 © 2024 ShowingTime.