Prices hold as more homes come to market

Nationally, existing-home sales rose 1.5% from August to a seasonally adjusted annual rate of 3.99 million in September, 2.2% below a year earlier, according to the National Association of REALTORS®. The median existing-home price was $417,500, up 1.3% from a year earlier, with about 1.60 million homes for sale, a 4.8-month supply.

The Federal Reserve raised its benchmark rate by a quarter point on September 16. Freddie Mac's 30-year fixed average moved above 7% in late September and was 7.18% on November 5, down from 7.24% the week before and up from 6.22% a year earlier.

Homes are selling at about the same pace as last year, and buyers are still paying close to the asking price. In New Jersey, single-family homes went under contract in an average of 35 days in September, the same as a year earlier, and sold for 101.8% of list price on average.

With 3.1 months of supply, up from 2.9 a year ago, buyers have somewhat more choice than they did last fall. Higher rates weigh on budgets: the New Jersey REALTORS® affordability index for single-family homes was 74, down from 83 a year earlier (a lower number means less affordable).

Statewide, 4,983 single-family homes closed in September, down 6.5% from a year earlier, at a median price of $614,000, up 5.0%. Year to date, the single-family median is $615,000, up 3.4%. Townhouses and condominiums sold at a median of $429,900, down 1.2%.

At the end of September there were 14,638 single-family homes for sale, 8.1% more than a year earlier.

Morris County: 306 single-family sales (down 7.8%) at a median of $737,500 (up 2.1%), with 2.5 months of supply; homes sold for 104.0% of list price on average.

Warren County: 68 single-family sales (down 29.9%) at a median of $412,450 (down 1.8%), with 3.3 months of supply.

Sussex County: 165 single-family sales (down 1.2%) at a median of $490,000 (up 6.5%), with 3.4 months of supply.

Monthly county figures can swing when the number of sales is small. Year to date, single-family medians are up 7.2% in Morris County, 6.4% in Warren County, and 6.7% in Sussex County.

For sellers: prices are holding, but with more homes on the market, buyers can take their time, so pricing and preparation matter more than they did a year ago.

For buyers: there is more choice than last fall, and rates above 7% shape monthly payments, so speaking with a lender early helps set a comfortable range.

These are county and statewide figures; every town and every home is different. A consultation is the simplest way to see what they mean for your plans.