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Sales in the Passaic housing market slowed down in the second quarter of 2019, even while strong demand continued to push prices up. We continue to clear signs of a thriving seller’s market. Prices are still going up, with the average price rising almost 1% for the quarter and over 3% for the rolling year. And while relatively low levels of inventory are still holding back sales growth, causing a 6% decline in transactions this quarter, that inventory is starting to creep up as homeowners seeing prices go up are getting tempted into the market. Going forward, we expect that higher levels of inventory will drive more sales growth, but that strong demand will continue to push prices higher. The market fundamentals are strong, with prices still below historic highs, interest rates low, and the economy thriving, so we expect both sales and price growth in the summer and fall markets.
