Three New Jersey counties had a nearly 40% drop in newly listed homes for sale in May compared to a year earlier amid a statewide decline in new listings, data from Realtor.com showed.
Burlington, Morris and Passaic counties topped the list of declines at more than 39% each, the data showed. Every New Jersey county had fewer homes listed last month compared to May 2022 as an already tight housing market with low inventories continues to tighten.
Statewide 9,264 homes were newly listed in May, the data showed. Compared to other states, New Jersey saw the ranked seventh for the biggest decline in new listings over the past year. The median listing price in New Jersey was $544,500 in May, according to the data.
Ocean, Bergen and Monmouth counties topped the list for total new home sale listings, with 972, 892 and 744 homes respectively.
More real estate news:
New home listings have decreased nationwide because of high interest rates, according to a new Redfin report. Last summer, the federal reserve began raising interest rates to slow inflation. The average 30-year mortgage rate was6.99% on Friday. Last January, interest rates hovered at 3%.
Wondering how many homes where newly-listed in your county? Check out the table below.
Can’t see the table? Click here.
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Amira Sweilem may be reached at [email protected].