the staff of the Ruidgewood blog
Ridgewood NJ, The first month of summer brought higher prices and declining inventory according to the Q2 housing data recently released by New Jersey Realtors.
As predicted and expected, the Federal Reserve did not change its target range for the federal funds rate in their June meeting. However, there is a possibility of a rate reduction within 2019, likely the result of continued increases over the past few years.
The median sales price for single family homes is up 4.9 percent year-to-date at $319,000 compared to this time last year. Closed sales decreased 1.6 percent with 38,184 single family homes sold in 2019. Even though closed sales are down, the percentage of list price received remains steady year-over-year at 97.7 percent. Days on the market remains consistent at 69 days, a one-day increase compared to this time last year.
The lack of inventory trend continues with 37,390 single family homes for sale in June 2019, a 9.8 percent decrease compared to June 2018. Even though inventory continues to be a concern, New Jersey Realtors members are generally positive on the current economic conditions in New Jersey, but there is little intensity in their feelings (11 percent excellent, 68 percent good) according to New Jersey Realtors quarterly member poll.
Mortgage rates near the three-year low, according to Freddie Mac, with the most recent 30-year-rate at 3.75 percent. The lower rate has yet to impact the housing market, however higher home sales are predicted for the second half of 2019.
“With lower mortgage rates we forecast more first-time buyers entering the market. Even though there is lower inventory buyer-demand is high,” said 2019 New Jersey Realtors President Ilene Horowitz. “When it comes to your local market a Realtor will be your best resource.”
For more information and the full reports, visit njrealtor.com.