Saddle Brook, NJ – February 27, 2025 - U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.
According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6% year-over-year to $404,400.
“The National Association of REALTORS® recently released their housing report and as you can see home sales continue to rise throughout the country. Locally here in Bergen County, we continue to see prices rise with low inventory. Many of us in the industry experienced this kind of market before in the years 2009 to 2012.” states Greater Bergen REALTORS® President-Elect, James Arakelian. “My advice to all agents is to stay the course, things will get better. We are still one of the most financially beneficial industries in the country.”
Highlights From January 2025 Report:
- Single Family Closed Sales increased 16.4 percent to 319.
- Townhouse-Condo Closed Sales decreased 20.7 percent to 115.
- Adult Communities Closed Sales decreased 66.7 percent to 2.
- Single Family Median Sales Price was up 22.1 percent to $815,000.
- Townhouse-Condo Median Sales Price was up 22.2 percent to $537,500.
- Adult Communities Median Sales Price was down 38.6 percent to $387,000.
Click Here for the full ShowingTime report for the month of January 2025.
Data as of February 20, 2025. 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 © 2025 ShowingTime Plus, LLC.