NCJAR News
U.S. existing-home sales fell for the second month in a row, sliding 1.9% monthover-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
- Single Family Closed Sales were up 1.2 percent to 1,554.
- Townhouse-Condo Closed Sales were up 9.2 percent to 428.
- Adult Communities Closed Sales were up 25.9 percent to 68.
New Jersey Realtors® commends the signing of the Real Estate Consumer Protection Enhancement Act into law today by Gov. Phil Murphy. New Jersey Realtors® worked with the sponsors of Bill S3192/A4454—Sen. Patrick Diegnan and Asm. Roy Freiman—to craft this legislation, which will enhance transaction transparency and further protect consumers throughout the state.
The law, which will go into effect on Aug. 1, strengthens both consumer and real estate licensee protections.
The following are the six major changes the law provides for:
- Sellers must provide a fully completed property condition disclosure form before buyers sign a contract.
- Listing agents will be required to explicitly disclose who they represent at open houses.
- Designated agency, which enables a brokerage to appoint an agent to either side of a transaction at the client’s request, is now permissible.
In 2022, North Central Jersey Association of REALTORS® (NCJAR) proudly contributed $20,000 to the development of the MOMI Thinkscape Park in Morris Township. This generous donation reflects NCJAR's ongoing commitment to community development and education.
Under the leadership of Bill Flagg, who served as NCJAR President in 2022, NCJAR played a pivotal role in supporting this innovative project designed to enhance community engagement and learning through interactive and thought-provoking installations.
A heartfelt thank you to all our incredible volunteers and the dedicated NCJAR staff who worked tirelessly to make the Housing Fair & Expo on June 29, 2024, a tremendous success. Your hard work, enthusiasm, and commitment were truly the driving forces behind this event.
From organizing workshops and coordinating with vendors to ensuring everything ran smoothly on the day, your efforts did not go unnoticed. We are deeply grateful for your time and energy.
Thank you for helping us bring valuable resources and information to the community, making the dream of homeownership more accessible for all New Jerseyans.
Together, we made a difference!
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