As the fall is upon us, when leaves and foliage start turning crimson-red and orange hues along with shorter days and cooler weather and the routine of back-to-school and work schedules, review of the real estate market during the past season is important in formulating your housing plans for the future.
August monthly indicators reported by the New Jersey MLS reflect rising home prices, higher interest rates and increased building material costs have actually pressured housing affordability to a 10-year low according to the National Association of Home Builders. Nationally, median household income has risen 2.6 percent in the last 12 months while home prices are up 6 percent. The disparity of increase will eventually create fewer sales due to affordability concerns overall, which is happening in the middle to high-middle price ranges. However, in the current market it is noted that prices are still inching upward, supply remains low and consumers are optimistic.
Single-family closed sales were up 1.3 percent to 1,393. The median sales price increased 3.5 percent to $460,475.
Townhouse-condo closed sales were down 8.9 percent to 408 while the median sales price increased 2 percent to $350,000
Adult-communities closed sales were down 40.7 percent to 16 while the median sales price increased 16.5 percent to $343,778.
Hope you find this information useful with all your future housing needs and decisions. And remember, home is truly where the heart is! Owning a piece of the rock will always be a “pride of ownership.”
By Ruby Kaplan
Ruby Kaplan is a realtor with V & N Group LLC, licensed in both New Jersey and New York. Her passion is to help people meet their housing needs and goals. Having bought, sold and built homes, she has acquired an expertise to represent both sellers and buyers. She is sensitive to her clients’ needs and has a driven commitment to oversee all her transactions with honesty, integrity, knowledge and dedication. Ruby can be reached at her office at 201-692-3700, at the company’s website at www.vera-nechama.com, on her cell at 917-576-4177 or at [email protected].
