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Inventory is Up and Down
The inventory of new homes available on the market has been sporadic over the last few weeks. Interestingly, Bergen County saw a 14% year-over-year increase last week, followed by another 7% increase this week, yet sale prices have remained unchanged. Meanwhile, Passaic County's inventory was up 5% year-over-year last week but is now down 8%!
Prices of Homes
Last week, it looked like home prices might finally be flattening, especially with Hudson County showing a 7% year-over-year drop in sale prices and every other county experiencing less than a 10% change in sale prices. However, we're back to the reality of the past two years, as both Hudson and Essex County sale prices have jumped 8% year-over-year from last week's numbers.
My Thoughts
I believe the mood in real estate is shifting. Listings aren’t getting as many showings, but the offers that do come in are still aligned with market value, if not higher. I think many buyers, and even sellers, want to enter the market, but are likely holding off either after the Presidential Election or to see how low mortgage rates will go after the Fed's recent cut. Perhaps it's both? Either way, this Fall and Winter will be a more interesting market than usual and I believe it will be a great time to buy or sell.
If you have any questions about the market in your area, feel free to reply to this email or message me anytime.
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