It was widely predicted that we would see healthy sales activity during the second quarter of 2016, and the market has not disappointed. At the current rate of sales, it would take about 9 months to sell all the available inventory.
• Single Family Median Sales Price increased 3.1 percent to $297,000.
• Townhouse-Condo Median Sales Price increased 32.9 percent to $232,500.
• Adult Communities Median Sales Price increased 3.6 percent to $142,000.
Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high.
|Source: NJR Showingtime 10K Report||Months Supply of Housing Inventory|
Single Family Dwellings
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