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Well, I spoke too soon from last weeks article. It looks like the volatility from the market did affect one thing, new listings. At least that's how the data lines up. I'll save you from clicking on last weeks email by showing the difference below.
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Bergen County lost -11% inventory
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Essex County lost -8% inventory
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Passaic County lost -1% inventory
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Morris County lost -13% inventory
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Hudson County lost -19% inventory
Why did this happen? This could be due to any combination of spring break, the Easter weekend, the uncertainty of the market that caused big losses to the stock market, or mortgage rates at nearly 7%. What I do notice is that at the same time last year, inventory spiked as the opposite is occurring now. See chart below
The bright side is I have seen an uptick in new listings since Monday, so maybe this was just a brief hesitation from sellers as the stock market has had a 3 day streak of gains. Home sale prices have still continued to rise, regardless of inventory or interest rates.
For more insight on this topic, I'd be happy to chat with you.
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