We recently cited a number of industry reporting agencies indicating that home prices over the last 12 months have grown between 6 and 7% on an annual basis.

But the 7% growth rate for single family homes isn’t the only thing that continues to go higher.

On top of projected home price increases for 2019 of 5-6%, mortgage rates are also moving higher as home buyers are scurrying for homes and paying more due to the rise in interest rates. Mortgage rates and home prices are not alone in driving prices higher; there are other factors including the cost of materials and wages for skilled workers.

It is no secret that builders are having a hard time keeping up with the demand and finding workers for the projects.

But New York City seems to be showing signs of a stall, where buyers are holding off on paying more to purchase a property.

In New Jersey, the days-on-market are flat, where the average home stays on the market between 55-60 days. On the West Coast, properties in Seattle and San Francisco are selling at a faster pace, sometimes within a week. Considering Jersey’s abundant foreclosure inventory and its slow economic recovery, compared to the rest of the nation, New Jersey seems to have found an even rhythm to the buy and sell ‘beat of the market.’