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According to the New Jersey Association of Realtors, the booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability still remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.

• Single Family Closed Sales were down 1.0 percent to 6,376.
• Townhouse-Condo Closed Sales were down 6.3 percent to 1,861.
• Adult Communities Closed Sales were down 2.2 percent to 622.
• Single Family Median Sales Price increased 6.6 percent to $319,900.
• Townhouse-Condo Median Sales Price increased 2.0 percent to $255,000.
• Adult Communities Median Sales Price increased 11.4 percent to $206,000.

The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings.

For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: Info@AppraiseNewJersey.com

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce