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Housing Inventory Increases 3.8% From May

Posted by: Katherine Diveris on Friday, August 4, 2023

Saddle Brook, NJ – August 3, 2023 – Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season.

According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

Tags: mortagerates report realestate NJRealtors NJR news newjersey nationalassociationofrealtors NAR 2023 monthlyindicator markettrends inventory housingmarket housingdata greaterbergenrealtors GBR bergencounty
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