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The Bergen housing market cruised through the second quarter, as low levels of inventory continued to stifle growth even while driving prices up. Sales were mixed: single‑family home sales were up about 3% from last year’s second quarter, but condo sales fell about 2%. For the year, sales in both houses and condos are down slightly, the result of inventory that’s fallen below the six‑month level that signals a seller’s market. But low supply and high demand is having its expected impact on pricing, with prices up for both property types for the quarter – rising about 4% at the median. Going forward, we believe that inventory is starting to stabilize, but robust demand will continue to drive both sales and prices up above last year’s levels in a strong summer and fall market.
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