The Passaic housing market surged again in the second quarter, with both sales and prices up in what is now a robust seller’s market. Falling inventory had been holding back sales in the first quarter, but we’re starting to see more homes come onto the market as sellers see prices going up. As a result, sales were up almost 3% for the quarter, and are now at a level we haven’t seen since the height of the seller’s market 15 years ago. Moreover, we’re seeing sustained appreciation in pricing, with prices rising 6% on average and 5% at the median, and now up about 5% and 7%, respectively, for the rolling year. Going forward, we expect these trends to continue, with both sales and prices rising in a robust summer and fall market.
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