The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
- Single Family Closed Sales were down 19.4 percent to 2,275.
- Townhouse-Condo Closed Sales were down 0.5 percent to 597.
- Adult Communities Closed Sales were down 32.9 percent to 47.
- Single Family Median Sales Price increased 5.6 percent to $475,000.
- Townhouse-Condo Median Sales Price increased 3.8 percent to $309,900.
- Adult Communities Median Sales Price increased 15.9 percent to $435,000.
The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
Data as of December 20, 2021. All data from Garden State MLS and New Jersey MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report© 2021 ShowingTime.