Housing Market Update: New Jersey - June 2024

For residential real estate activity in the state of New Jersey

U.S. existing-home sales declined for the third consecutive month, as higher

mortgage rates and rising sales prices hindered market activity during what has

traditionally been one of the busiest months of the year. According to the National

Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7%

month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate

of 4.11 million units.

• Single Family Closed Sales were down 14.7 percent to 5,369.

• Townhouse-Condo Closed Sales were down 15.2 percent to 1,779.

• Adult Communities Closed Sales were down 19.5 percent to 635.

• Single Family Median Sales Price increased 10.6 percent to $586,000.

• Townhouse-Condo Median Sales Price increased 15.3 percent to $430,000.

• Adult Communities Median Sales Price increased 3.9 percent to $355,750.

Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million

units heading into June, for a 3.7 months’ supply at the current sales pace,

according to NAR. However, the increase in supply has yet to temper home

prices, which have continued to rise nationwide. At last measure, the median

existing-home price climbed to $419,300, a 5.8% increase from the same period

last year and a record high for the month.

Data as of July 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