U.S. existing-home sales were virtually unchanged from the previous month, dipping just 0.2% to a seasonally adjusted annual rate of 4.0 million units, according to the National Association of REALTORS® (NAR). Most of these transactions went under contract in June and July, when mortgage rates were 40 to 50 basis points higher than current levels. Year-over-year, sales increased 1.8%, with the strongest activity occurring in the Midwest, where the typical home price is 22% below the national median.
- Single Family Closed Sales were up 8.5 percent to 1,557.
- Townhouse-Condo Closed Sales were up 12.2 percent to 413.
- Adult Communities Closed Sales were up 31.4 percent to 46.
- Single Family Median Sales Price decreased 0.5 percent to $635,000.
- Townhouse-Condo Median Sales Price increased 7.3 percent to $440,000.
- Adult Communities Median Sales Price increased 12.9 percent to $536,250.
Nationally, housing inventory declined for the first time this year, slipping 1.3% month-over-month to 1.53 million units, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the monthly drop, total inventory remained 11.7% higher than the same time last year. Meanwhile, the median existing-home price rose 2% year-over-year to $422,600, though it was essentially flat compared to the prior month.
NCJAR Total Market Overview
Morris County
Somerset County
Union County
Essex County
Passaic County
