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Housing Market Update: Increased Inventory, Slower Sales Define End of 2024

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the staff of the Ridgewood blog

Ridgewood NJ, as we kick off 2025 , the housing market shows a mixed bag of news. While there’s a significant increase in available homes for sale, much of that inventory remains unsold, reflecting challenges for both buyers and sellers.

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Realtor.com®’s February Housing Data: Buyers Face Affordability Constraints

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the staff of the Ridgewood bnlog

Ridgewood NJ, according to Realtor.com®’s February housing data, the inventory of homes for sale continued to grow, driven by homes spending more time on the market as buyers continued to face affordability constraints. A few larger metros also saw inventory increase above pre-pandemic levels. Selling activity continued to decline, with fewer newly listed homes compared to last year, despite an uptick in seller sentiment seen in January.

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NJ Realtors: 2020 Year-End Housing Data

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the staff of the Ridgewood blog

Ridgewood NJ, at the pandemic’s peak, the housing market slowed to a temporary crawl, but every month since then it’s been making up for lost time. The year-end data from 2020 upholds the anecdotal evidence of a very competitive, ever-changing market.

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NJ Realtors: Housing Prices and Buyer Demand Remain Strong

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the staff of the Ridgewood blog

Ridgewood NJ, September traditionally marks the beginning of the seasonal slowdown of the housing market, but robust buyer activity has continued the rising prices and strong demand that has been the hallmark of 2020.

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NJ REALTORS: MAY HOUSING NUMBERS INDICATE RECOVERY ON THE WAY

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the staff of the Ridgewood blog

Ridgewood NJ, Recovery is coming for the housing market, according to statewide data from New Jersey Realtors. While much of the percentage changes are still in the red, the overall picture is positive, with numbers for closings and sales trending upward.

Year-over-year numbers are still in negative territory however, the month-to-month changes for the total market indicate growth. In April there were just 6,162 pending sales, while May pending sales jumped to 10,237. New listings for April totaled 7,272 but May rose to 12,822.

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Best U.S. Home Sales Since 2007 Show Momentum in Housing Market

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America’s housing market has been heating up this summer.

Purchases of previously owned homes unexpectedly rose in July for a third straight month to reach the highest level since February 2007, figures from the National Association of Realtors showed Thursday. The gain was driven by stronger sales of single-family houses even as the share of first-time buyers shrank.

A limited number of available properties is keeping prices elevated, giving homeowners the financial flexibility to trade up as their housing equity improves. The data and a recent report showing the strongest rate of residential construction since 2007 are consistent with the Federal Reserve’s view that the industry is making progress.

“Demand is solid,” said Brian Jones, senior U.S. economist at Societe Generale in New York. “The driver is that we’ve got a labor market that’s very healthy and mortgage rates are still very low. The Fed has clearly got to be happy with the housing numbers we’ve seen.”

Another report Thursday showed the job market is holding firm. First-time claims for jobless benefits rose by 4,000 to 277,000 last week, according to the Labor Department. Since early March, applications have been lower than 300,000, a level typically associated with an improving employment.

https://www.bloomberg.com/news/articles/2015-08-20/best-u-s-home-sales-since-2007-shows-momentum-in-housing-market