With mortgage rates crossing the 7% line, and inventory continuing to be problematic for buyers, home prices for the week ending August 12th edged up again.
According to the National Association of Realtors the median home prices are edging up, approximately $440,000, and inventories sliding down. The dynamics of the market are still keeping the cost of home ownership high, but listings are staying on the market longer than they have in the last 3 years.
This median price for August 12th is only $9,000 less than the all-time high of $449,000 registered in June of 2023. In addition, new listings for the week fell 8.6% year-over-year.
The Realtor.com blog projects that the trajectory of home prices is going to cool. But for the last 6 months their predictions have been wrong, and the market continues its upward climb due to the fact that demand for housing is unabating.
Homes continue to cost more, building supplies continue to cost more, and builders can only build as fast as the supply chain provides the materials to do so. Individuals looking to new construction to fill the inventory gap are probably going to be disappointed. All of this points to another slow rise in costs, reduction in inventory and possibly even higher mortgage rates.
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.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/