As we move through early Q3, the US housing landscape continues its nuanced dance: existing-home sales dipped 1.7% month-over-month, yet still edged 0.7% above last year’s pace. The median price hit $434,100—marking a staggering 37 months of consecutive annual increases. For many New Jersey homeowners, that means even more equity to watch over, especially if you’re managing a life transition like divorce or probate.
Inventory remains tight, ending early Q3 at 1.54 million homes (down 1.9% from last month and 0.6% year-over-year). For buyers, this underscores how crucial it is to keep a close eye on available listings. Interestingly, despite rising prices, national affordability improved—proof that with preparation and the right timing, opportunity is still out there.
With 30-year fixed mortgage rates averaging in the high-6% range, even a small drop could open new doors for buyers as summer progresses. Whether you’re safeguarding equity or searching for your next chapter, staying informed is key in today’s shifting market.
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