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The Bergen County housing market was flat through the second quarter of 2019, with both sales and pricing tracking close to last year. Single‑family home sales were down about 2%, while condo sales were up about 2%. Similarly, pricing was mixed, with both single‑family home and condo prices falling about 1% on average. We believe that the market is being hampered by both a lack of viable inventory and the 2018 Tax Reform cap on state and local tax deductions (the “SALT Cap”), which hits particularly hard in higher‑priced markets like Bergen. Going forward, though, we believe that inventory will slowly rise, and that the SALT Cap impact will eventually get priced into the market. With prices still lower than the height of the market, interest rates near historic lows, and a growing economy, we believe that Bergen is poised for sales and price growth through the summer and fall.
