Existing Home Sales Rebounding
While average sale prices have increased significantly in the last 3 years, the hangover from last year’s federal interest rate hike has been felt all over Hudson County. Inventory and days on market are up while closed sales and sales price are down this year through July in North Bergen as well as Parker Imperial compared to 2018.
These are lagging indicators of the real market however. In August existing home sales rose nationwide for the second straight month!
The ¼ point interest rate drop, looser FHA lending guidelines and increased home sales all point to a strong real estate market in Q4 2019 and Q1 2020.