The Passaic housing market cooled off a little in the third quarter, with both sales and prices relatively flat after a robust second quarter. Indeed, we saw exactly one fewer sale in the third quarter compared to last year, and only 40 more sales for the rolling year. But this sales plateau does not indicate a lack of demand, since prices were up again, rising about 2% on average and at the median for the quarter, and finishing a rolling year up over 4% on average and almost 7% at the median. Meanwhile, inventory is still falling, now down below the six‑month level that usually denotes a seller’s market, which is what is holding sales figures down. Going forward, we expect that sales will only go up when these rising prices tempt more homeowners into the market and that we will continue to see appreciation in pricing through a robust fourth quarter and into 2019.
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