Closed sales for single family homes, townhouse-condos and adult community all up by double digits for the first time in recent memory.

The buying frenzy is fomenting one of the hottest real estate markets in the last 50 years. Currently there is less than 6 months supply of homes throughout the state. This compares to 15.7 months supply in September 2011.

According to New Jersey Realtor:  

• Single Family Closed Sales were up 14.7% to 7,329
• Townhouse-Condo Closed Sales were up 11.5% to 2,296
• Adult Communities Closed Sales were up 11.6% to 700

Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.

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