The Passaic housing market continued to grow in the first quarter of 2019, with prices up again even while low levels of inventory constricted sales growth. We are seeing clear signs of a thriving seller’s market. Prices continue to go up, with the average price rising over 3% for the quarter and over 4% for the rolling year. And inventory is still falling, dropping almost 7% from last year’s first quarter and now down below the six-month level that usually signals a seller’s market. And that shortage of inventory is still suppressing sales growth, with sales falling a little for both the quarter and the rolling year. 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 price appreciation through a robust spring market. The market fundamentals are strong, with prices still below historic highs, interest rates low, and the economy thriving.
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