According to a report published by CoreLogic, home prices nationally rose by just 3.7% annually in March. This is a slight reduction from the 4% annual increase reported by CoreLogic in February 2019 year-over-year.
According to the report, homes are staying on the market for longer periods of time nationally, while in New Jersey, the days on market metric has not changed year-over-year and stands at 75 days. In addition, inventory statewide continues to fall by 7.0% on a year-to-year basis from 35,559 to 33,068.
Some very hot markets such as San Francisco are actually showing reductions in the average sale price. New York City is also showing a cooling with respect to their pricey average sale.
As we wrote in an earlier blog post, more people continue to rent due to the high cost of buying a home. High rents continue to represent at least one barrier to entry to home ownership, according to the CoreLogic report.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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