August 2023
For residential real estate activity in the state of New Jersey Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR). 
• Single-Family Closed Sales were down 33.0 percent to 4,965.
• Townhouse-Condo Closed Sales were down 37.5 percent to 1,544.
• Adult Communities Closed Sales were down 24.9 percent to 555.
• Single Family Median Sales Price increased 13.0 percent to $565,000.
• Townhouse-Condo Median Sales Price increased 21.9 percent to $414,500.
• Adult Communities Median Sales Price increased 7.9 percent to $356,000.
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.