Saddle Brook, NJ – March 22, 2024 – U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over year to $379,100.
“Amidst the challenges of recent months, the real estate market in Bergen County is showing resilience and promise,” offered Greater Bergen REALTORS® 2024 President, Lisa Comito, adding “With a notable rise in home sales breaking a five-month streak of decline, we are witnessing a positive shift in momentum. This surge, fueled by falling interest rates and increased inventory, signifies renewed confidence in the housing market."
Highlights From February 2024 Report:
- Single Family Closed Sales decreased 4.3 percent to 224.
- Townhouse-Condo Closed Sales decreased 6.7 percent to 126.
- Adult Communities Closed Sales remained flat at 3.
- Single Family Median Sales Price was up 18.1 percent to $717,500.
- Townhouse-Condo Median Sales Price was up 4.9 percent to $425,000.
- Adult Communities Median Sales Price was up 11.3 percent to $345,000.
Click Here for the full ShowingTime report for the month of February 2024.
Data as of March 20, 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.
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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