U.S. existing-home sales rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.
- Single Family Closed Sales were down 0.8 percent to 1,071.
- Townhouse-Condo Closed Sales were up 13.4 percent to 331.
- Adult Communities Closed Sales were down 38.8 percent to 30.
- Single Family Median Sales Price increased 6.8 percent to $620,000.
- Townhouse-Condo Median Sales Price increased 10.3 percent to $430,000.
- Adult Communities Median Sales Price decreased 6.3 percent to $510,444.
Heading into March there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
