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Election Reaction:
With the election over, I don’t think it will take long to see what’s ahead, as markets are already reacting, especially the stock market. For home prices to go down, we’ll need a correction across various sectors, as housing prices aren’t completely isolated from inflation and interest rates.
No matter who would have won, New Jersey still urgently needs more inventory, and only a major boost in homes for sale will help. On election night, we saw a rise in the 10-year yield, which would have been very bad for mortgage rates, but it has since come back down. Hopefully, we’ll see a continued decline to find mortgage rates back under 6% and beyond.
Market Data:
Hudson County saw a significant surge in prices this week compared to last, jumping nearly 10%, while its inventory dropped by 8%. Essex County gained about 7% in inventory, though prices remained steady. Meanwhile, all other counties stayed relatively flat across all metrics..
If you have any questions about the market in your area, feel free to reply to this email.
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