NJ Closed Sales Soar 30%

Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

• Single Family Closed Sales were up 32.9 percent to 9,313.
• Townhouse-Condo Closed Sales were up 24.8 percent to 2,678.
• Adult Communities Closed Sales were up 20.4 percent to 844.
• Single Family Median Sales Price increased 23.0 percent to $412,000.
• Townhouse-Condo Median Sales Price increased 9.7 percent to $295,000.
• Adult Communities Median Sales Price increased 9.8 percent to $240,000.

While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.