The sentiment clearly reflects the consistent buyer demand despite the fact that mortgage rate for the 30-year fixed mortgage remains in the 7% area. The pent-up demand compounded by the shortage of general inventory of existing homes continues to provide many builders opportunities to continue to build homes within the range of affordability and based on region. Cities like Buffalo, New York are being projected to be one of the hottest housing markets of 2024, according to Zillow. Yet, in New Jersey the demand continues to escalate. The median home sale price in January 2024 grew at a 16.1% year-over-year rate, hitting $495,000, up from $426,000 back in 2023, with 48% of all homes sold above the list price. It is evident that the demand is stripping supply as the number of homes sold on the market fell by 7.5% year-over-year, down to 5,317 from 5,750.
Median sales price for new homes sold nationwide in January 2024 was $420,700. The average sales price was $534,000. And the estimated supply of homes available was 8.3-months supply at the current sales rate, according to the US Census Bureau.
According to the National Association of Home Builders, fewer builders are lowering their home prices in the effort to attract buyers. The report states that only 24% of builders reported cutting prices on homes versus the 36% cutting prices back in December 2023.
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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