Inventory Still Dropping Below 2024
We're still seeing housing inventory below 2024, but the numbers aren't running away across NNJ. Essex County is just about the same as last year, Bergen County gained 4%, Hudson gained 9%, and Passaic County gained 5% from last week. With the improved economic news, I think we will see these numbers rise above 2024 levels again in the next few weeks.
A Note to Buyers
For buyers in NJ, I think this is a good time to look for a home than it will be when rates drop. If the mortgage interest rates dip below 6.6%, the data shows it's going to create so much more competition. Even if it causes more homes available for sale, and it will in my opinion, the amount of buyers submitting offers per home will be even more than now. Consider that there are many homeowners wanting to buy a new property, but are also waiting for interest rates to drop. Those sellers will become buyers as well, adding to the buyer pool. Start looking before that happens. You can always refinance to a lower rate down the road.
Below is a chart from the Garden State Multiple Listing Service that covers a good portion of Northern NJ counties. As you can see, we are in a sharp incline of new homes for sale, up 6.6% from last year. We still have a way to go to reach even 2022 levels, but this is a good sign.
Joseph D Charles
Mobile: 973.715.8766 | Email: [email protected]
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