The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. The average 30-year rate in 2019,
December NJ Real Estate Market Stats Are In
In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
• Single Family Closed Sales were up 4.8 percent to 6,721.
• Townhouse-Condo Closed Sales were up 12.1 percent to 1,990.
• Adult Communities Closed Sales were up 5.5 percent to 579.
• Single Family Median Sales Price increased 10.5 percent to $337,176.
• Townhouse-Condo Median Sales Price increased 6.7 percent to $270,000.
• Adult Communities Median Sales Price held steady at $210,000.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
Brian is a real estate sales professional with a passion for providing excellent customer service, speedy communication and upholding the highest standard of professionalism. Catering to specialized n....
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