Saddle Brook, NJ – April 23, 2024 – U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.
"Given these current market conditions, we anticipate more inventory becoming available soon which will mean more property choices for buyers who have been patiently waiting on the sidelines,” states Greater Bergen REALTORS® 2024 Treasurer, Elaine Mosera.
Highlights From March 2024 Report:
- Single Family Closed Sales decreased 18.7 percent to 295.
- Townhouse-Condo Closed Sales decreased 2.0 percent to 150.
- Adult Communities Closed Sales increased 300.0 percent to 12.
- Single Family Median Sales Price was up 9.4 percent to $700,000.
- Townhouse-Condo Median Sales Price was up 5.4 percent to $476,500.
- Adult Communities Median Sales Price was down 3.7 percent to $433,500.
Click Here for the full ShowingTime report for the month of March 2024.
Data as of April 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 Plus, LLC.
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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