October 2018 marked another month in which single-family median prices increased, as well as townhomes and adult community sales increased. It did not seem to affect the escalation in home prices when the stock market fell in October and November. 
Even though single family inventory has dipped to 5.2 months from 5.8 months in 2017, the days on market have only fallen just slightly from 70 days to 67 days.
And the average sales price for a single-family home on a year-to-year comparison this October climbed only 3.5% in New Jersey.
Today on a year-to-date comparison 2017 with 2018, the number of clothed sales increased by just 100 in 2018.
As far as the mortgage industry, Millennials will represent the largest segment of home buyers in 2019, representing 45% of all mortgages. This compares with 17% of Baby Boomers and 37% for Gen Xers.
According to a Housing Wire report, the Millennial home buyer is expected to peak in activity in the year 2020.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.