October Sales for New Jersey
U.S. existing-home sales climbed 1.5% month-over-month and 4.1% year-over-year, reaching a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than a year. Regionally, monthly sales advanced in the Northeast, South, and West, while the Midwest experienced a slight decline.
• Single Family Closed Sales were up 2.4 percent to 5,170.
• Townhouse-Condo Closed Sales were down 11.6 percent to 1,684.
• Adult Communities Closed Sales were up 6.5 percent to 691.
• Single Family Median Sales Price increased 5.4 percent to $585,000.
• Townhouse-Condo Median Sales Price remained flat at $425,000.
• Adult Communities Median Sales Price increased 3.7 percent to $374,750.
Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14.0% higher than the same period last year. This represents a 4.6-month supply at the current sales pace, according to NAR. The median existing-home price grew 2.1% year-over-year to $415,200, continuing the trend of annual price gains. The Midwest saw the largest year-over-year increase in median sales price, followed by the Northeast and South, while prices remained mostly flat in the West.