News

Saddle Brook, NJ – February 26, 2024 - U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.

[Waldwick, NJ – July 26, 2020] – We are halfway through the year, and while much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers.

[Waldwick, NJ – May 26, 2020] – COVID-19 has made a huge impact on the real estate industry in the last couple of months, forcing society to adjust to different ways of conducting business, not to mention the number of people who have lost their employment due to this pandemic crisis.

While the stock market recovered significantly in March, the effects of COVID-19 to the economy continue to build. In just the last four weeks, more than 20 million people nationwide filed initial unemployment claims according to the United States Department of Labor, including nearly 600,000 claims filed in the State of New Jersey alone. In the face of these challenging times, real estate activity in April slowed significantly.