July 2023 market statsAffordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower. 

  • Single Family Closed Sales were down 29.3 percent to 1,754.
  • Townhouse-Condo Closed Sales were down 23.3 percent to 417.
  • Adult Communities Closed Sales were down 15.0 percent to 51. 
  • Single Family Median Sales Price increased 9.5 percent to $610,000.
  • Townhouse-Condo Median Sales Price increased 11.4 percent to $390,000.
  • Adult Communities Median Sales Price increased 24.9 percent to $535,000. 

Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong. 

NCJAR Total Market Overview

Morris County

Somerset County

Union County

Essex County

Passaic County