Inventory Up, Prices Up

From NorthJersey.com:

North Jersey real estate saw more new home listings, but higher prices, in October

New Jersey’s real estate market saw more new home listings and properties staying on the market longer in October, but also increasing home prices.

Overall, October marked the 12th consecutive month of inventory growth across the nation, reported Realtor.com. With 29.2% more homes actively for sale than at this time last year, the number of homes actively for sale is the highest it has been since December 2019.

Homes for sale across the nation stayed on the market for about 58 days, which is eight more days than at this time last year and three more days than last month, Realtor.com said. That made this past month the slowest October in five years.

As for interest rates, the median rate on a 30-year fixed-rate mortgage was 6.88% as of Oct. 31, the Wall Street Journal reported. And the median interest rate on a 15-year fixed-rate mortgage was 6%.

This is how North Jersey’s real estate market performed in October, data from Realtor.com showed.

In North Jersey, the counties of Bergen, Morris and Hudson all had more new listings in October than at this time last year. And the counties of Passaic, Essex and Sussex had a decrease in new listings compared with this time last year.

  • Bergen: 756 (4.71%).
  • Passaic: 294 (-0.68%).
  • Morris: 494 (28.65%).
  • Essex: 390 (-1.52%).
  • Sussex: 180 (-18.18%).
  • Hudson: 382 (1.6%).

  • Of New Jersey’s 21 counties, 17 had an increase in median listing prices from October 2023. And when compared with September 2024, 14 counties had an increase in median listing prices.
  • In North Jersey, Hudson was the only county to see a decrease in median listing prices compared with this time last year. Hudson County had a 0.01% decrease, with a median listing price of $649,947. Otherwise, all other North Jersey counties saw prices increase.
  • Bergen: $779,500 (0%).
  • Passaic: $549,333 (15.66%).
  • Morris: $738,422 (7.41%).
  • Essex: $571,000 (12.4%).
  • Sussex: $427,500 (7.04%).
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9 Responses to Inventory Up, Prices Up

  1. Fast Eddie says:

    Frist

  2. Fast Eddie says:

    With 29.2% more homes actively for sale than at this time last year, the number of homes actively for sale is the highest it has been since December 2019.

    12th consecutive month of inventory growth with price growth while the FED drops 25 basis points so… do we see the 40-year mortgage first or a flood of inventory in 2025? No major movement in either direction as of yet. It looks like my Chex Mix bill will be larger in 2025.

  3. grim says:

    Chi – would be appropriate to find a late 90s Volvo 940, probably already has the Cornell sticker on the window. Congrats!

  4. Fast Eddie says:

    Food for thought:

    Dividend payers in the S&P 500 typically pay out about 40% of net income as dividends. A six-percentage-point rate cut (21% down to 15%) has the potential to boost income, and payouts, by roughly 7% to 8%, all else being equal. However, keep in mind that the 15% rate would only be applied to domestic production.

    So the biggest bump from the Trump tax plan goes to companies with larger U.S. businesses, which means focusing on how much money companies make in the U.S. That typically means small-cap stocks. Companies in the small Russell 2000 generate roughly 90% of their sales in North America, according to Bloomberg, compared with about two-thirds for those in the S&P 500.

    So, small-cap stocks with attractive dividend yields should be poised to outperform.

  5. Fast Eddie says:

    Interesting read. Note the common sense principals in the latter part of the article. Even the comments appear to be coherent:

    https://www.liberalpatriot.com/p/the-shattering-of-the-democratic

  6. 3b says:

    I see you people had the election, and the world did not end either way. We were in Europe for a few weeks, People over there did not seem to be paying too much attention to the U.S. election. Spent some time in the Balkans, a very interesting and historic part of Europe.

  7. 3b says:

    Chgo: Congrats to your Son. All the best.

  8. NJCoast says:

    Congrats Chi. It was tough writing those checks to Cornell, but paid off in the long run with my daughter’s two successful businesses.

  9. OC1 says:

    Eddie-

    If you took a poll of Democrats (or registered Independants like me who often vote for democrats) you would find that most agree with pretty much all the points made in that article, and that we vote for D’s IN SPITE OF the stupid woke/DEI/”defund the police” etc. stuff, not because of it.

    For me, (and many others, I suspect) Jan 6 was the “red line” I will not cross. I will not vote for anyone who tried to erase my vote (and the votes of millions of other Americans) after the 2020 election, and I won’t vote for anyone who supports the guy who tried to erase my vote.

    In my mind, that’s like asking a black guy in 1960’s Alabama to vote for Bull Connor. Not gonna happen.

    And I won’t vote for anyone who refuses to acknowledge that Biden won 2020 fair and square, or for any moron who continues to insist that the Jan 6 rioters were just “a bunch of grandmothers strolling through the capitol”. (A poster here said that very thing just the other day!)

    I’ve voted for lots of R’s in my lifetime. Maybe someday I will vote R again.

    But that probably won’t happen until the R’s have their own (long overdue) “introspection moment” like the D’s are having now.

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