U.S. existing-home sales edged down 1.7% from the previous month to a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). Regionally, sales increased in the Northeast, held steady in the West, and declined in the Midwest and South. On a year-overyear basis, sales rose in the Midwest and West while remaining flat in the Northeast and South.
- Single Family Closed Sales were up 1.4 percent to 1,796.
- Townhouse-Condo Closed Sales were down 0.2 percent to 430.
- Adult Communities Closed Sales remained flat at 50.
- Single Family Median Sales Price increased 4.3 percent to $730,000.
- Townhouse-Condo Median Sales Price increased 0.3 percent to $446,250.
- Adult Communities Median Sales Price decreased 3.5 percent to $482,450.
Nationally, the median existing-home sales price climbed to $431,400, as inventory remained at a 4.6-month supply at the current sales pace, NAR reported. Year-to-date sales are up 2.4%, reflecting stable demand even amid elevated mortgage rates. Homes are sitting on the market longer and fewer buyers are bidding above asking price compared to a year earlier, though local market conditions vary widely.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
