It seems as if the real estate market is playing one intense game of chicken, with buyers and sellers waiting for the other side to blink. Nationally, prices continue to rise even as mortgage rates have almost doubled from a year ago. Across the country and in our own area as well, the month of June saw a significant gain in housing inventory. While it’s too soon to obtain national data on the stats for July, an early look at the housing stock available in the immediate area of Teaneck, Bergenfield and New Milford indicates that there is no quick relief in sight. Listings available on the market were actually down by over 8% from this time last month and while average list prices were also lower the amount is too insignificant to signify any real systemic change.

By Nechama Polak