News

The continued availability of low mortgage rates, combined with a strong job and economic climate, continue to sustain this market.

The average 30-year fixed-rate hit 3.6% for the week of January 23.

According to ATTOM Data Solutions Year-End 2019 U.S. Home Sales Report, “The average American home seller took in a $65,500 profit in 2019. That’s up from $58,100 in 2018 and up from $50,027 before that.”

Millennials are seeking-out alternative home buying options. That option is the purchase of less expensive and smaller homes in order to enter the market and begin building home equity.

Middlesex County inventory fell to just 2.8 months supply while closed sales in Morris County surged by nearly 20%. Morris County Single Family Homes for December Key Metrics 2018 2019 Change New Listings 269 264 –1.6% Closed Sales 356 426 + 19.7%...

Ocean County posted the most dramatic changes y-o-y with new listings plunging 18.6%, inventory collapsing over 25% and months of inventory falling to just 4 months.

New Jersey Real Estate Soared in December. Median price for a single family home skyrocketed by over 10% to over $337,000.

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December U.S. home-sales, as reported by Redfin, skyrocketed by 6.9% year-over-year with a median price of $312,500

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What is most encouraging is the traffic of prospective buyer category which in January 2019 was posted at 44 and for January 2020 came in at 58, representing a 32% jump in buyers.

According to the CNBC report, the average sales price in Manhattan fell to $1.8 million. The median sales price for a property selling in Manhattan fell below $1 million.