The first months of summer brought with it higher home prices and a declining inventory, according to second quarter housing data recently released by New Jersey Realtors.
The median sales price for single family homes was up 4.9%, or $319,000, compared to the same quarter last year.
Closed sales were down by 1.6% with 38,184 single family homes sold in 2019. Even though sales are down, N.J. Realtors said, the percentage of list price received remains steady year-over-year at 97.9%.
Days the market remain steady at 69 days, just a one-day increase compared to the same period last year, the data found.
A lack of inventory is continuing with 37,390 single family homes for sale in June, a 9.8% decrease compared to June 2018. Even with inventory lacking, N.J. Realtor members are generally positive on the current economic conditions in New Jersey, but there is low intensity in their feelings (11% excellent, 68% good), according to an N.J. Realtors quarterly member poll.
Mortgages rates are low and have been for the past three years, according to Freddie Mac, with the most recent 30-year rate at 3.75%. The low rate is yet to impact the housing market even though higher home sales are predicted for the second half of the year, N.J. Realtors said.
“With lower mortgage rates we forecast more first-time buyers entering the market. Even though there is lower inventory buyer-demand is high,” Ilene Horowitz, 2019 president, New Jersey Realtors, said. “When it comes to your local market a Realtor will be your best resource.”
