From NJ Business:
High prices and low inventory have continued to cool sales throughout New Jersey. While New Jersey saw a slight decline in closed sales the past few months, overall sales are up 13.6% since the start of the year.
“For the past two years, the housing market has been an anomaly for a number of reasons,” said 2021 NJ Realtors President Jeff Jones. “The return to a more balanced market after almost a full two years of this competitive, in-demand atmosphere will be slower than potential buyers want and, likely, faster than those on the fence to sell will expect.”
Single family closed sales were down 17.5% in September 2021, to 7,756. Townhouse-condo closed sales were down 8.1% to 2,479, and adult community homes followed suit with a decrease of 14.4% to 729. Yet despite fewer sales, median sales price increased again across all categories in September. The single family median sales price increased 7.3% to $440,000; the townhouse-condo median sales price increased 5.1% to $310,000; and adult communities median sales price increased 26.4% to $303,330.
While listings are down year-over-year, the year-to-date new listings for all markets is down just 1.2% over the same period last year, which points to the market making up ground this fall, when new listings are typically lower.
The number of single family homes for sale remains low, but is still above the historical low of this past winter, which had the lowest number of homes for sale in over a decade, if not more. In September, there were 18,863 single family homes for sale throughout the state, representing a 26.1% decrease, which is typical of the decreases of the past three months.