FOR IMMEDIATE RELEASE

Local single-family home sales and median prices increase, while townhouse-condo sales experience a decline

SADDLE BROOK, NJ – The national housing market experienced another decline in existing-home sales, while Greater Bergen's local real estate market reflected a mixed picture, according to the latest market data from the National Association of REALTORS® (NAR) and the Greater Bergen REALTORS® (GBR) Monthly Market Indicators Report.

U.S. existing-home sales fell 2.0% from the previous month and 1.2% from a year earlier to a seasonally adjusted annual rate of 3.98 million, marking the first reading below 4 million since June 2025, according to NAR. Sales held steady in the West and declined in the Northeast, Midwest, and South.

Greater Bergen's local market indicators showed varied results across property types:

• Single-Family Closed Sales increased 3.3% to 444.
• Townhouse-Condo Closed Sales decreased 10.5% to 154.
• Adult Communities Closed Sales increased 100.0% to 8.
• Single-Family Median Sales Price increased 0.6% to $825,000.
• Townhouse-Condo Median Sales Price increased 5.1% to $522,500.
• Adult Communities Median Sales Price decreased 70.5% to $322,500.

Fran Blakely, GBR Treasurer, emphasized the importance of the association's monthly report in helping members understand market conditions and better serve their clients.

"The Greater Bergen REALTORS® Monthly Market Indicators Report provides a comprehensive snapshot of our local real estate market. The report offers valuable insight into sales activity, home prices, inventory levels, and overall market conditions. This information is a valuable resource for you as members to have a better understanding of changing market dynamics. The focus is to help educate your clients so they can make informed business decisions in the current market."

Nationally, housing inventory continued to increase. Heading into September, 1.62 million homes were listed for sale, up 3.2% from the previous month and 5.9% from a year earlier. This marked the first time inventory exceeded 1.6 million units since November 2019, NAR reported. That represents a 4.9-month supply at the current sales pace, up from 4.6 months a month earlier and the highest level in more than ten years, according to NAR Chief Economist Lawrence Yun.

The national median existing home sales price rose 1.6% year-over-year to $429,100, marking 38 consecutive months of annual gains. Year-to-date sales were up 1.6%.

Interest rates also remained a key factor influencing the housing market. The Federal Reserve raised its benchmark rate by a quarter point on September 16 to a range of 3.75% to 4%, its first increase since July 2023. Meanwhile, the 30-year fixed-rate mortgage moved above 7% in late September, up from an August average of 6.67%, according to Freddie Mac.

The Greater Bergen REALTORS® Monthly Market Indicators Report provides members with a comprehensive look at local sales activity, home prices, inventory levels, and overall market conditions. The report serves as a valuable resource for REALTORS® seeking to understand changing market dynamics, strengthen their market knowledge, and educate clients so they can make informed real estate decisions.