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News & Press: Association News

Monthly Indicators: November 2018

Wednesday, December 26, 2018   (0 Comments)
Posted by: Jennifer Mejia
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EBCBOR MONTHLY INDICATORS 

NOVEMBER 2018

 

The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable.

Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.

 

 • Single Family Closed Sales decreased 52.3 percent to 126.

 • Townhouse-Condo Closed Sales decreased 46.6 percent to 93.

 • There was 1 Adult Community Closed Sale for the current month.

 • Single Family Median Sales Price was up 9.6 percent to $432,500.

 • Townhouse-Condo Median Sales Price was up 12.3 percent to $392,500.

 • The Adult Communities Median Sales Price was $589,900 for the current period.

 

The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings.

 

Data as of December 20, 2018. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2018 ShowingTime


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