Saddle Brook, NJ – May 23, 2024 – U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.
"Based on the monthly report in our area, home prices are still going up while the number of homes for sale are going down. This means we are still in seller's market,” states Greater Bergen REALTORS® 2024 Immediate Past President, Alireza Memar.
Highlights From April 2024 Report:
- Single Family Closed Sales increased 7 percent to 309.
- Townhouse-Condo Closed Sales increased 3.0 percent to 173.
- Adult Communities Closed Sales increased 450.0 percent to 11.
- Single Family Median Sales Price was up 3 percent to $712,000.
- Townhouse-Condo Median Sales Price was up 9 percent to $436,000.
- Adult Communities Median Sales Price was up 10.7 percent to $429,000.
Click Here for the full ShowingTime report for the month of April 2024.
Data as of May 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.