News

Saddle Brook, NJ – July 1, 2024 –  U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

Greater Bergen REALTORS® (GBR) celebrated Pride Month in June with the third annual Lunch and Learn event, Empowering LGBTQ+ Voices & Homeownership at GBR headquarters in Saddle Brook. This year, the event was co-hosted by the Diversity, Equity, and Inclusion (DEI) Committee and the Young Professionals Network (YPN).

"In our business, allyship, leading with intent, and fostering an inclusive environment are paramount; and it all starts with us," stated GBR 2024 DEI Committee Chair, Andre Porter.

Saddle Brook, NJ – May 23, 2024 –  U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

"Based on the monthly report in our area, home prices are still going up while the number of homes for sale are going down. This means we are still in seller's market,” states Greater Bergen REALTORS® 2024 Immediate Past President, Alireza Memar.

Saddle Brook, NJ – August 28, 2023 – Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR).

Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.