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Passaic sales growth was stifled by a lack of available homes for sale, which fell over 21% and is now down to 5.3 months of inventory. That lack of inventory drove sales down almost 4%, but also had a dramatic impact on pricing, which was up almost 6% on average and 7% at the median. We’re now seeing a sustainable appreciation trend, with yearlong prices up almost 4% on average and 5% at the median. These rising prices will eventually attract more homeowners into selling their homes, but probably not in time for the spring market. So we expect that the next quarter will continue to see low inventory suppress sales while driving prices higher.
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