Existing home sales, usually the bulk of real estate sales statistics, have been suffering from a long stretch of low inventory woes. Thanks to builders stepping up this past spring and summer, new built home sales are proving to be an excellent indicator of regained real estate market health.
In fact, and in spite of restrictions placed on home showings, new data from the U.S. Census Bureau and the Department of Housing and Urban Development released equally good news concerning the state of the New Jersey market's recovery. According to these results, sales of newly built single-family homes rose 16.6% and are now 12.7% higher than they were last year at the same time.
The strength new home sales lent to this rebound was an unexpected but welcome boost to the New Jersey real estate market. In spite of a slow start to the spring market, home buyers - momentarily sidelined by coronavirus concerns, are energetically active and fueling a surge in home sales as we move into the fall season.
Wondering if you should consider a move? Consider these market conditions:
- Mortgage interest rates at or below 3% means a LOT of buying power in every dollar!
- Work from home solutions in most industries means buyers are qualifying for loans!
- The move-up luxury market in New Jersey has higher inventory levels providing greater choice!
- The need for those homes usually considered "starter homes" is growing!
Continuing strong buyer activity in the market has sparked excellent equity gains for current home owners. Your local marketing specialist is actively monitoring the marketplace to be sure to provide you with the very latest updates and data necessary to assist in determining how these market conditions have changed the value of your home.
Wondering what you can expect to find available? Take a look at all the current homes available for sale by visiting: https://njrealestatehomesearch.com