U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-over year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down month-over month in all four regions, with the West experiencing the largest decline, at 9.4%.
• Single Family Closed Sales were down 4.3 percent to 4,184.
• Townhouse-Condo Closed Sales were down 3.9 percent to 1,584.
• Adult Communities Closed Sales were down 15.9 percent to 552.
• Single Family Median Sales Price increased 6.7 percent to $575,000.
• Townhouse-Condo Median Sales Price increased 3.2 percent to $425,000.
• Adult Communities Median Sales Price increased 4.2 percent to $370,000.
Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% year-over-year to $403,700 as of last measure.
New Listings Climb in 14 countries.
New listings increased in New Jersey during the month of April. 13 counties saw new listings increase out of the 21 counties in the state. Sussex County saw the largest increase to 272, a 27% increase year-over-year. Camden and Essex County increased by 20% and 15% respectively. Atlantic County saw 376 new listings. 8 counties saw either decreases or no change.
Sussex County saw the largest increase in new home listings.
Sussex County 272 27.10%
Camden County 624 20.46%
Essex County 564 15.10%
Somerset County 422 11.64%
Warren County 148 10.45%
Middlesex Coun 756 8.31%
Burlington Co 580 6.23%
Cape May County 308 4.76%
Monmouth County 810 4.65%
Mercer County 408 3.55%
Hunterdon Cou 178 3.49%
Ocean County 1,004 2.66%
Passaic County 308 1.99%
Union County 428 0.00%
Salem County 70 0.00%
Morris County 540 −0.37%
Cumberland Cou 130 −4.41%
Gloucester Cou 356 −5.82%
Hudson County 482 −6.59%
Bergen County 836 −7.11%
Atlantic County 376 −8.74%