NJ Home Prices Rise but Inventory Falls

On Jul 28, 2023

Residential housing data released this week from New Jersey Realtors, the state trade association representing more than 61,000 Realtors, continues to point to a slower-than-usual summer market, with low inventory and higher borrowing costs restricting some market activity.

The single-family home median sales price for June was $530,000, which is $20,000 more than it was in June 2022, representing a 3.9% increase. New listings for this category were down 33.8% for the month, with just 7,167 new single-family homes listed. Closed sales were down a similar 21.1% over last year, with pending sales down 15%. The percent of list price received remains well over 100%, but reduced to 103.8% over last June’s 105.1%. There were just 12,975 single-family homes for sale in June, a 35% decrease over last year.

Mortgage rates ticked up slightly to an average of 6.81% for a 30-year fixed-rate mortgage as of July 27, and remain elevated over the rates from the same time last year.

The numbers for townhomes and condos have followed a similar pattern. Closed sales for the townhouse/condo market were down 22.9%, to just 1,993 recorded for the month. The median sales price rose to $370,000, a 2.8% increase over June 2022.

The anomaly to the trend is homes in adult communities, which are selling at a much slower rate, with properties sitting on the market an average of 38 days, a 40.7% increase over June 2022. There were 1,238 properties for sale in June, an 8.1% dip when compared to last year. Closed sales were up 12.2% to 780 and the median sales price rose to $340,000, a 7.9% increase.

For the full state report and individual county reports, visit njrealtor.com/data.

To access more business news, visit NJB News Now.

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