Saddle Brook, NJ – September 24, 2024 - U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
“As someone who tends to dive deep into the numbers, it’s fascinating to compare the national trends with what’s happening locally in Bergen County. Nationally, we’re seeing a 1.3% rise in home sales and a notable year-over-year increase in median prices, yet here in Bergen County, we’re observing a 0.6% decline in closed sales, paired with a more significant increase of 10.3% of the median single family home price compared to the national average increase of 4.2% median sales price," states Greater Bergen REALTORS® President-Elect, Nicola Esposito. "These contrasting trends highlight the importance of looking beyond the surface numbers to understand the nuances of our local market before making informed decisions. Great REALTORS® guide their clients by presenting all possible options, with as much relevant information as possible.”
Highlights From August 2024 Report:
- Single Family Closed Sales decreased 0.6 percent to 508.
- Townhouse-Condo Closed Sales remained flat at 204.
- Adult Communities Closed Sales decreased 28.6 percent to 5.
- Single Family Median Sales Price was down 0.9 percent to $763,000.
- Townhouse-Condo Median Sales Price was up 14.0 percent to $518,500.
- Adult Communities Median Sales Price was down 47.2 percent to $335,000.
Click Here for the full ShowingTime report for the month of August 2024.
Data as of September 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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