Real Estate Market Snapshot

Market Overview November 2021

• People under the age of 44 have been driving the homeownership rate higher; while 45 to 64 year olds have seen homeownership drop.
• 3Q 2021 realized a strong upward inflection in household formation.
• The median price of existing home sales has fallen by roughly $10k since peak values back in June.
• For NJ, September median price for a single-family priced to be $440K, vs. June’s high of $490K, July’s $460K and August’s $461K.
• The average price for a single-family existing home priced at $576K, July $569, August $563K and Sept $553K
  Inventories: Existing inventories continue to fall, but the pace of that decline slowed for the 7th consecutive month.
• New inventories, on the other, had printed up 30% YoY for the 2nd month in a row.
• We are seeing softening of the median price of existing home sales. After climbing to over 23% growth in both May and June, the rate of increase slowed to 13% in September.
• Total building permits were down 1.2% year-over-year and are now up 19.9% YTD.
• Single-family permits were down 8.0% year-over-year. They remain up 20.3% YTD.
• Multi-unit permits were up 15.3% year-over-year but are up 19.9% YTD.