The numbers are confirming that the active inventory of homes for sale is growing even as mortgage rates dip to under 7%. According to the National Association of Realtors, the current trend boasted active listings to above their 2020 level in the same month for the first time in October. The new listings metrics point out that homeowners are not too willing to sell for lower prices even as the market softens. In New Jersey, approximately 20% of listings have lowered their asking prices.
Days on market increased by 6 days nationally, as compared with last year’s pace.
Yet, the home price trajectory has slowed; it continues to rise at a more measured pace, maintaining a double-digit pace on a year-over-year basis.
As mortgage rates continue to escalate, they have made homeownership costs climb more than 77% from just one year ago.
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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