Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. While most of the country is beginning to see some upward movement in new listings, New Jersey is lagging behind the national trend. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
• Single Family Closed Sales were up 4.5 percent to 6,337.
• Townhouse-Condo Closed Sales were up 9.0 percent to 2,031.
• Adult Communities Closed Sales were down 2.5 percent to 539.
• Single Family Median Sales Price increased 5.2 percent to $302,000.
• Townhouse-Condo Median Sales Price increased 6.1 percent to $262,000.
• Adult Communities Median Sales Price increased 3.2 percent to $191,000.
This winter and spring exhibited unseasonal weather patterns. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower and multiple-offer situations become the norm. If that wasn’t enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashi0n.
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