The Mortgage Bankers Association reported that as interest rates fell last week to the lowest level in 7 months, it resulted in the seasonally adjusted mortgage volume increasing by 7.1%.
It also appears that while mortgage volume improved last week, the present level is still 16% lower than it was for the same week in 2016.
Another stat that is significant is that loan applications to purchase a home jumped 10% from the prior week. This jump represents the highest level achieved since May 2010.
Real Estate Trends in New Jersey
The number of new listings of single family homes for sale in New Jersey in April 2015 was 14,276. In 2016 that number dropped to 13,838, and then fell further in April 2017 to just 12,775.
In April 2014, New Jersey had 46,561 homes for sale; in April 2017 that number has fallen off to 37,560.
What is even more telling is that days on the market in April 2017 averaged 75; in April 2014 the average days on market was 96.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less decreased to 4.14%, from 4.17%.
Purchase volume is weaker this spring, as home prices increase due to the short supply.
For additional information refer to: http://njar-public.stats.10kresearch.com/docs/lmu/x/MonmouthCounty?src=map
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.