U.S. existing-home sales climbed 5.1% month-over-month and 1.4% year-overyear to a seasonally adjusted annual rate of 4.35 million units, the strongest pace in nearly three years, according to the National Association of REALTORS® (NAR). Lower mortgage rates and slower home price growth helped spur buyer activity, and sales increased month-over-month in every region. On an annual basis, sales rose in the South, held steady in the West and Midwest, and declined in the Northeast.
- Single Family Closed Sales were down 6.2 percent to 1,066.
- Townhouse-Condo Closed Sales were up 3.1 percent to 304.
- Adult Communities Closed Sales were down 5.3 percent to 36.
- Single Family Median Sales Price increased 1.6 percent to $625,000.
- Townhouse-Condo Median Sales Price decreased 6.0 percent to $395,000.
- Adult Communities Median Sales Price decreased 8.2 percent to $475,000.
Nationally, there were 1.18 million homes for sale heading into January, an 18.1% decline from the previous month but 3.5% higher compared to the same period last year, representing a 3.3-month supply at the current sales pace, according to NAR. Meanwhile, the median existing-home price rose 0.4% from a year ago to $405,400, reflecting a continued moderation in national price growth.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
