Saddle Brook, NJ - March 25, 2025 - U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.
“The latest market data from ShowingTime underscores the resilience of our housing market, with median home prices continuing their upward trajectory—rising 11.1% for single-family homes and 8.9% for townhomes and condos. While inventory remains tight, the steady year-over-year increase in sales signals strong buyer demand, making this an excellent market for sellers who can capitalize on low inventory and favorable conditions. Yet, for many, the dream of homeownership feels increasingly out of reach due to such limited supply in our region. As REALTORS®, we stand on the frontlines of this challenge, committed to protecting the American Dream. We will continue to advocate for policies that promote affordability, expand inventory, and ensure fair access to homeownership. Our profession is not just about transactions—it’s about strengthening communities, and keeping the opportunity of homeownership preserved for generations to come.” - Greater Bergen REALTORS® 2025 President, Nicola Esposito.
Highlights From February 2025 Report:
• Single Family Closed Sales decreased 8.7 percent to 211.
• Townhouse-Condo Closed Sales increased 7.1 percent to 136.
• Adult Communities Closed Sales increased 33.3 percent to 4.
• Single Family Median Sales Price was up 11.1 percent to $800,000.
• Townhouse-Condo Median Sales Price was up 8.9 percent to $463,000.
• Adult Communities Median Sales Price was down 0.9 percent to $342,000.
Click Here for the full ShowingTime report for the month of February 2025.
Data as of March 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.