November Housing Summary: Northern NJ
Bergen, Passaic, Essex, and Sussex Counties |
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Out of the four Counties, Passaic County maintains the longest string of negative Sale Price decreases. However, the other Counties are not far behind. Passaic and Essex Counties both had the largest average sales price decrease of about 20% from last months end. The end of November showed the lowest average sales price of the last four years for all Counties The average days on the market (DOM) for all Counties is about 103 days. Sussex County has the highest DOM with 122 and Essex County coming in with the lowest at 85 DOM. Bergen County had the greatest percent increase of homes sold and Essex County the lowest over the prior month. Inventory of available homes is the largest in Sussex County with over 28 months supply of homes. Passaic County had the lowest with 15 months supply of homes. |
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The benchmark 30-year fixed-rate mortgage fell 12 basis points, to 5.8 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.35 discount and origination points. One year ago, the mortgage index was 6.17 percent; four weeks ago, it was 6.39 percent.
This may still be a good time to buy.
Please visit my website for details on November Housing Stats:
http://www.bcnjre.com/Housing_Market_Stats/page_870680.html
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