New Jersey Realtors’ recent Q2 housing data report reveals higher prices and declining inventory in first month of summer.
The median sales price for single family homes is up 4.9% year-to-date at $319,000 compared to this time last year. Closed sales decreased 1.6% with 38,184 single family homes sold in 2019. Even though closed sales are down, the percentage of list price received remains steady year-over-year at 97.7%. Days on the market remains consistent at 69 days, a one-day increase compared to this time last year.
The lack of inventory trend continues with 37,390 single family homes for sale in June 2019, a 9.8% decrease compared to June 2018. Even though inventory continues to be a concern, New Jersey Realtors members are generally positive on the current economic conditions in New Jersey, but there is little intensity in their feelings (11% excellent, 68% good) according to New Jersey Realtors quarterly member poll.
Mortgage rates near the three-year low, according to Freddie Mac, with the most recent 30-year-rate at 3.75%. The lower rate has yet to impact the housing market, however higher home sales are predicted for the second half of 2019.
“With lower mortgage rates we forecast more first-time buyers entering the market. Even though there is lower inventory buyer-demand is high,” said 2019 New Jersey Realtors President Ilene Horowitz. “When it comes to your local market a Realtor will be your best resource.”
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