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.Related Articles: