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Inventory is making a comeback compared to last year, but we still have a long way to go. If you look at the chart below, New Jersey saw a 9.7% increase in homes for sale in July, compared to a 0.5% decrease in June.
It's also worth noting that prices continue to climb, up 12% overall in our state. This is likely due to some buyers being reinvigorated by the news of lower interest rates and returning to the market.
Couple that with the final month before school starts and some hopeful sellers feeling more comfortable relocating, and it’s a bit of a wash. We still don’t have half the number of homes for sale that we did in July 2019, so prices are likely to remain stable or continue to rise steadily.
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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