The REal Report – April 2022

The REal Report – April 2022, as of the U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of the last measure, according to the National Association of REALTORS®.

Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.

These are the median sales prices for homes according to the NJBR for the month as of last data available of February 2022.

• Single Family Median Sales Price increased 8.2 percent to $540,000.

• Townhouse-Condo Median Sales Price decreased 2.3 percent to $340,000.

• Adult Communities Median Sales Price decreased 6.5 percent to $390,000.

Available homes for sale were at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply.

According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind.

The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.

Feel free to contact me for a personalized neighborhood value report on your property. Roberto A. Sanchez – Broker-Associate United Real Estate-North Jersey-Sanchez Realty Group 973-216-1945.

This research is completely FREE and as a value added service to the community we serve so you know at any given time, what your most valuable asset is worth which perhaps is your home and your don’t have to feel any obligation in return.