Saddle Brook, NJ – July 1, 2024 – U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.
Highlights From May 2024 Report:
- Single Family Closed Sales decreased 6.9 percent to 404.
- Townhouse-Condo Closed Sales increased 7.1 percent to 212.
- Adult Communities Closed Sales decreased 50.0 percent to 5.
- Single Family Median Sales Price was up 12.1 percent to $784,500.
- Townhouse-Condo Median Sales Price was up 13.0 percent to $478,750.
- Adult Communities Median Sales Price was down 9.9 percent to $439,000.
Click Here for the full ShowingTime report for the month of May 2024.
Data as of June 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.