The Rand NewsReal

  After sizzling throughout 2018, the Hudson County housing market continued to slow down in the second quarter of 2019. Sales were down over 6% overall from last year’s second quarter, and now down 6% for the rolling year. But this decline in sales did not have a dramatic effect on pricing, which was up about 4% overall and rising across the board: up 5% for single‑family homes, over 5% for multi‑families, and up 3% for condos. We might be seeing some impact from the 2018 Tax Reform’s $10,000 cap […]

  The Sussex market slowed considerably in the second quarter, with sales down even while pricing was more positive. Transactions were down sharply, falling 13% for the quarter and now down over 8% for the rolling year. But the drop in sales clearly did not indicate a lack of demand, with median pricing up over 5% for the quarter and almost 4% for the year. More importantly, inventory has finally come down to manageable levels, even though it’s still not at the 6‑month level that denotes a sellers’ market. Going forward, […]

  Sales in the Essex housing market went up again in the second quarter of 2019, and finally started to drive some meaningful price appreciation. Sales rose over 8% for the quarter, and finished the rolling year up over 5%. And this sustained increase in sales is finally having an impact on pricing, which was up over 2% on average and almost 4% at the median. The rolling year pricing is still relatively flat (down 1% on average, up 2% at the median), but the trend is positive […]

  The Morris County housing market stumbled through the second quarter of 2019, with both prices and sales down slightly. Transactions were down almost 5% from last year’s second quarter, finishing a rolling year in which they were down almost 4%. Pricing was generally flat, with the average price falling about 1% for the quarter, almost perfectly flat for the rolling year. We might be seeing some impact from the 2018 Tax Reform’s $10,000 cap on state and local tax deductions (SALT Cap), which particularly affected higher‑income taxpayers like Morris […]

  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 […]

  Sales growth in the Northern New Jersey housing market was suppressed by both a continued lack of inventory and the impact of the 2018 Tax Reform SALT Cap, but we did see modest but meaningful price appreciation in many county-wide markets. We believe that the market is still poised for both sales and price growth in what will be a strong summer and fall market. Regional sales were down slightly, but the results varied by county. Regional single‑family sales fell about 3% for the quarter, finishing […]

  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 […]