The New Jersey single family real estate market shows a great deal of stability.
New listings, pending sales and the median sales price all increased.
Overall, the market in New Jersey remains strong as the economy continues to support home purchases.
On a national basis it appears that pending sales fell by 1.5% in April vs. March, according to the National Association of Realtors.
Even though mortgage rates have fallen slightly over the last six to nine months, nationally, the number of homes sold has not kept pace with the more attractive mortgage rates.
According to the National Association of Realtors, the average rate on a 30-year fixed mortgage has fallen from 5% in November to just above 4% in April.
An encouraging sign comes in the form of the inventory of available homes for sale. This affords buyers additional selection in their home purchase process. Also, the stronger economy is not resulting in buyer euphoria, but rather is giving the power of choice back to the buyer.
Buyers are also seeing home prices come down slightly in many markets. These price reductions or slowdowns are typically occurring in higher-priced markets. In the middle markets and the lower-priced markets, the cost for the average home continues to grow but at a very moderate pace.
According to National Association of Realtors, home price appreciation is strongest in the lower end of the price market, which is represented by homes priced under $250,000.
In the high tax states such as Connecticut, New York and Illinois, prices for homes are getting softer.
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.