aug2023statsHigher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR). 

  • Single Family Closed Sales were down 30.2 percent to 1,744.
  • Townhouse-Condo Closed Sales were down 34.9 percent to 408.
  • Adult Communities Closed Sales were down 16.4 percent to 56. 
  • Single Family Median Sales Price increased 14.5 percent to $629,500.
  • Townhouse-Condo Median Sales Price increased 18.6 percent to $415,000.
  • Adult Communities Median Sales Price increased 8.3 percent to $493,500. 

Falling home sales have done little to cool home prices, however, which have
continued to sit at record high levels nationally thanks to a limited supply of homes
for sale. According to NAR, there were 1.11 million homes for sale heading into
August, 14.6% fewer homes than the same period last year, for a 3.3 months’ 

supply at the current sales pace. The shortage of homes for sale has boosted
competition for available properties and is driving sales prices higher, with NAR
reporting a national median existing-home price of $406,700, a 1.9% increase
from a year earlier. 

NCJAR Total Market Overview

Morris County

Somerset County

Union County

Essex County

Passaic County