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Bergen County Monthly Market Report
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Monthly Market Indicators 2019
 

Monthly Indicators: March 2019

In addition to the quandary of ongoing housing price increases and affordability concerns in many U.S. markets, the first quarter of 2019 saw a fair share of adverse weather as well. Sales totals were mixed across the nation and sometimes dependent on what was a persistent wintry mix, especially in the Great Plains, Midwest and Northeast. Meanwhile, new listings and total homes for sale have been trending lower in year-over-year comparisons in many areas, and last year's marks were already quite low.

 

Single Family Closed Sales were up 1.1percent to 448.

 • Townhouse-Condo Closed Sales were up 12.7 percent to 177.

• Adult Communities Closed Sales remained flat at 2.

• Single Family Median Sales Price increased 0.7percent to $469,030.

• Townhouse-Condo Median Sales Price increased 5.9 percent to $320,000.

• Adult Communities Median Sales Price increased 69.5percent to $500,000

 

The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.

 

Data as of April 20, 2019. 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 © 2019 ShowingTime

 

Monthly Indicators:January 2019

Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.

 

             Single Family Closed Sales increased 8.7 percent to 237.

             Townhouse-Condo Closed Sales increased 22.2 percent to 132.

             Adult Communities Closed Sales increased 150.0 percent to 5.

             Single Family Median Sales Price was up 5.6 percent to $439,500.

             Townhouse-Condo Median Sales Price was up 19.0 percent to $335,000.

             Adult Communities Median Sales Price was down 34.0 percent to $225,900.

 

While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.

 

Data as of February 20, 2019. 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 © 2019 ShowingTime.

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