Saddle Brook, NJ – July 24, 2024 – U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
"As we head out of the busy summer months, we are seeing an increase in inventory and days on the market. Homes in pristine condition are still being bid well above asking price but in the same token, homes do not appear to be languishing. With the Federal Reserve poised to lower interest rates for the first time since 2021, it’s anybody’s guess where that, and the November elections will take us," states GBR Vice President, James Arakelian. "One thing is for sure, and that is houses sell. They always have and they always will. REALTORS must adapt and stay the course," Arakelian encourages.
Highlights From June 2024 Report:
- Single Family Closed Sales decreased 12.4 percent to 468.
- Townhouse-Condo Closed Sales decreased 17.9 percent to 188.
- Adult Communities Closed Sales decreased 30.8 percent to 9.
- Single Family Median Sales Price was up 10.4 percent to $773,000.
- Townhouse-Condo Median Sales Price was up 5.2 percent to $477,500.
- Adult Communities Median Sales Price was down 17.4 percent to $380,000.
Click Here for the full ShowingTime report for the month of June 2024.
Data as of July 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.