What It Means for New Jersey’s Real Estate Market
The U.S. housing market continued to face challenges as existing-home sales dropped 4.9% in January, reaching a seasonally adjusted annual rate of 4.08 million, according to the National Association of Realtors. This decline exceeded economists’ expectations, who had predicted a smaller decrease of 2.6%.
In 2024, home sales hit their lowest levels since 1995 for the second consecutive year, signaling ongoing struggles in the real estate sector.
As we approach spring—traditionally the busiest season for home sales—real estate professionals are hopeful for a rebound in activity. Inventory levels are beginning to rise as some sellers are compelled to move due to life changes, despite the challenges of affordability. However, this increase in inventory may not be enough to fully reignite the housing market.
High mortgage rates, which recently surpassed 7%, are expected to remain elevated in the coming months, making it difficult for many buyers to enter the market. Additionally, rising costs associated with homeownership, such as increased property taxes and home insurance premiums, are further straining affordability.
For buyers and sellers in New Jersey, these trends highlight the importance of working with experienced professionals who can navigate these complexities. At Counsellors Title Agency, we’re here to provide the guidance and support you need during these uncertain times in the real estate market. Whether you’re buying or selling, understanding the current landscape is key to making informed decisions.
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/