More and more economists are predicting a recession is imminent as the result of the pullback in the economy caused by COVID-19. According to the National Bureau of Economic Research: “A
Real Estate Fast Stats Quarter 3 2017
For residential real estate in 2017, the news has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has been around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales.
• Single Family Closed Sales were up 7.4 percent to 6,777.
• Townhouse-Condo Closed Sales were up 10.2 percent to 2,064.
• Adult Communities Closed Sales were up 9.0 percent to 742.
• Single Family Median Sales Price increased 1.0 percent to $299,000.
• Townhouse-Condo Median Sales Price decreased 4.2 percent to $242,500.
• Adult Communities Median Sales Price increased 6.8 percent to $192,250.
Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to maintain a positive attitude about the prospects of buying or selling a home. Low affordability has started to become a recent topic of conversation and is worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes.
*Courtesy of New Jersey Realtors FastStats
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....
Latest Blog Posts
What Is Coronavirus?COVID-19, better known as coronavirus, is a viral infection with flu-like symptoms. The virus is primarily transmitted via respiratory droplets, such as when an infected