Lower Rates, Sustained Demand and Stable Supply

February Sales Spike  The demand for housing in the area of existing home sales climbed 14.5% in February. This represents a shift in the erosion of existing sales that had been on the 12th month skid. It also represents a 22.4% increase year-over-year, which is the...

Demolition of Liberty Village – 1st Outdoor Mall

The nation’s very first outdoor mall is slated for demolition. Liberty Village, located in Flemington, New Jersey, represents the first outdoor mall ever constructed in the country. It will be replaced by a multi-site construction of townhomes with multiple...

National Housing Shortage Looms

Jobless claims ticked up to 211,000, up 21,000 Unemployment stands at 3.6% Net jobs added: 311,000 Hourly earnings increased by 4.6% Y/Y The Fed is expected to raise rates in March Mortgage rates ticked up to 6.73% The housing shortage remains in the...

New York State Pushed Out of First Place

Guess which state is number one for jobs? No, it’s not New York! It’s Florida. According to the Bureau of Labor Statistics, Florida closed out 2022 with 9,578,500 non-farming jobs, beating out New York State, which had just 9,576,100 jobs. This is the very...

NJ Inventory Continues to Erode

Redfin reported that for December, 2022, the number of homes for sale fell 14.1% to 25,534 from 2021. While the number of newly listed homes was 4,272, down 29.7% from 2021 with the months of supply remained at 2 months, the same as in 2021. The average price in...