June Real Estate in New Jersey
Although sales have been robust locally, there has been a general slowdown in sales across much of the country, and this cannot be blamed on negative economic news. Wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. Governor Christie has touted an improved state economy, but polls indicate that many New Jersey residents consider the local economy to be mending at best. The state’s unemployment rate remains below the national rate, but employers cut 14,000 private-sector jobs according to the most recent report, and New Jersey has the nation’s highest foreclosure rate, led by Atlantic City and Trenton.

• Single Family Closed Sales were up 9.3% to 9,042.
• Townhouse-Condo Closed Sales were up 7.6% to 2,522.
• Adult Communities Closed Sales were down 5.5% to 736.
• Single Family Median Sales Price increased 0.9% to $330,000.
• Townhouse-Condo Median Sales Price increased 4.5% to $261,150.
• Adult Communities Median Sales Price increased 2.7% to $190,000.

With mortgage rates remaining low, the pull toward homeownership is expected to continue. Yet housing starts have been drifting lower, and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high. Homebuilder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being

NJREALTOR.com