Housing Market Update: New Jersey - July 2024

For residential real estate activity in the state of New Jersey

U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to

a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in

all four regions, according to the National Association of REALTORS® (NAR).

Higher mortgage rates, along with rising sales prices, have kept many prospective

buyers on the sidelines, despite more home choices and less competition for

those homes.

• Single Family Closed Sales were up 9.2 percent to 5,846.

• Townhouse-Condo Closed Sales were up 3.8 percent to 1,831.

• Adult Communities Closed Sales were up 0.2 percent to 640.

• Single Family Median Sales Price increased 12.1 percent to $600,000.

• Townhouse-Condo Median Sales Price increased 9.1 percent to $420,000.

• Adult Communities Median Sales Price increased 5.9 percent to $360,000.

Home prices have maintained their upward trend across much of the country,

even as sales slow and inventory improves. According to NAR, the national

median existing-home sales price climbed 4.1% year-over-year to $426,900 as of

last measure, an all-time high. Meanwhile, total housing inventory increased 3.1%

month-over-month to 1.32 million units heading into July, the highest level since

2020, for a 4.1-month supply at the current sales pace.

Data as of August 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