Finally New Jersey is putting some numbers on the board, and these are the kinds of numbers that makes the heart soar.
Even though the National Association of Realtors reported that existing home sales fell 1.7% to a seasonally adjusted rate of 5.35 million this was the worst level in 12 months, New Jersey bucked the trend big time.
New Jersey reported a 7.8% increase in the number of new home sales for the month of August as compared to 2016. In addition, single-family closed sales were up 9.9% to 8,845.
Fast Stats for August 2017
• Single Family Closed Sales were up 9.9% to 8,845.
• Townhouse-Condo Closed Sales were up 1.5% to 2,296.
• Adult Communities Closed Sales were up 4.3% to 758.
• Single Family Median Sales Price increased 0.6% to $334,000.
• Townhouse-Condo Median Sales Price increased 1.2% to $260,000.
• Adult Communities Median Sales Price increased 9.5% to $202,500.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable.
Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
Source: New Jersey Realtor.
http://njar-public.stats.10kresearch.com/docs/lmu/x/EntireState?src=map
http://njar-public.stats.10kresearch.com/docs/lmu/x/EntireState?src=map