The below market report was generated on August 20, 2023 using data provided by New Jersey REALTORS®
Affordability constraints have continued to limit homebuying activity this summer,
with existing-home sales falling 3.3% month-over-month nationwide as of last
measure, according to the National Association of REALTORS® (NAR). Mortgage
rates have approached 7% in recent months, leading many prospective buyers to
put their home purchase plans temporarily on hold. But higher rates have also
kept many existing homeowners from listing their homes for fear of giving up the
low-rate mortgages they locked in a few years ago, when rates were significantly
lower.
• Single Family Closed Sales were down 26.3 percent to 5,303.
• Townhouse-Condo Closed Sales were down 27.5 percent to 1,638.
• Adult Communities Closed Sales were down 2.1 percent to 638.
• Single Family Median Sales Price increased 6.2 percent to $536,500.
• Townhouse-Condo Median Sales Price increased 7.0 percent to $380,000.
• Adult Communities Median Sales Price increased 8.4 percent to $340,000.
Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR.
With only 3.1 months’ supply heading into July, the lack of inventory has boosted
competition among buyers and put upward pressure on sales prices, especially in
more affordable markets, where competition for homes remains particularly
strong.
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