Housing Market Update: New Jersey - August 2024

For residential real estate activity in the state of New Jersey

U.S. existing-home sales increased for the first time in 5 months, as lower

mortgage rates and rising supply helped boost market activity. According to the

National Association of REALTORS® (NAR), sales of previously owned homes

rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million

units, exceeding economists’ expectations and ending the downward trend of

recent months.

• Single Family Closed Sales were up 6.3 percent to 5,885.

• Townhouse-Condo Closed Sales were up 9.1 percent to 1,891.

• Adult Communities Closed Sales were up 4.5 percent to 668.

• Single Family Median Sales Price increased 5.6 percent to $591,489.

• Townhouse-Condo Median Sales Price increased 6.2 percent to $430,000.

• Adult Communities Median Sales Price increased 5.7 percent to $369,950.

Nationally, total housing inventory edged up 0.8% from the previous month to 1.33

million units heading into August, for a 4.0-month supply at the current sales pace,

NAR data shows. Although inventory is up nearly 20% compared to the same time

last year, demand continues to outpace supply, putting upward pressure on sales

prices. According to NAR, the nationwide median existing-home price rose 4.2%

year-over-year to $422,600 at last measure, marking the 13th consecutive month

of annual price increases.

Data as of September 20, 2024. All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2024 ShowingTime