Saddle Brook, NJ – August 22, 2024 –U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.

“In July, single family home sales remained on the slow side throughout Bergen County with median home prices reaching a high of $795,000,” states Greater Bergen REALTORS® 2024 Treasurer, Elaine Mosera. “However, interest rates have moderated off their highs which some sellers may see this as their opportunity to catch frustrated buyers who have been waiting on the sidelines to make a move before the end of the year. 

Highlights From July 2024 Report:

• Single Family Closed Sales decreased 7.0 percent to 480.
• Townhouse-Condo Closed Sales increased 11.8 percent to 228.
• Adult Communities Closed Sales decreased 42.9 percent to 4.

• Single Family Median Sales Price was up 15.1 percent to $795,000.
• Townhouse-Condo Median Sales Price was up 17.4 percent to $527,500.
• Adult Communities Median Sales Price was up 11.0 percent to $465,000.

Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.

Click Here for the full ShowingTime report for the month of July 2024.