NJ Realtor Stats October 2016
Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.
• Single Family Closed Sales were up 8.1 percent to 6,218 from October 2015.
• Townhouse-Condo Closed Sales were down 2.3 percent to 1,842 from October 2015.
• Adult Communities Closed Sales were down 1.7 percent to 676 from October 2015.
• Single Family Median Sales Price increased 1.5 percent to $299,000 from October 2015.
• Townhouse-Condo Median Sales Price increased 3.0 percent to $254,950 from October 2015.
• Adult Communities Median Sales Price increased 6.5 percent to $180,000 from October 2015.
Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.