The Rand NewsReal

  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 […]

The Northern New Jersey housing market slowed a bit in the first quarter of 2019, with sales down and prices flat. But we believe that the market is still poised for sales growth and price appreciation in what will be a relatively robust spring market. Regional sales were down, but the results varied by county. Regional single-family sales fell about 4% for the quarter, but that cumulative number masked a real divergence in the county results. For example, sales were […]

The housing market in Westchester and the Hudson Valley was a “tale of two markets” in the first quarter of 2019, with a sharp divergence between higher-priced and lower-priced counties. But we believe that the market is still poised for sales growth and price appreciation in what will be a relatively robust spring market. Regional sales were down, but the results varied by county and property type. Regional single-family sales fell about 3% for the quarter, but that cumulative number […]

The Bergen County housing market coasted through the first quarter of 2019, with prices flat but sales up modestly. For the quarter, single-family sales rose almost 3%, but the average price was down just a tick. The single-family market has been slowly cruising along for the past year, with little sales growth and only about 1% of price appreciation, which is a little disappointing considering the market fundamentals. We might be seeing some impact from the 2018 Tax Reform’s $10,000 […]

The Bronx housing market stumbled in the first quarter of 2019, slowing after torrid growth throughout most of 2018.  Sales were down sharply for most property types, and prices were mixed. Going forward, we will be watching to see if this trend continues in the traditionally robust spring market, but believe that the fundamentals of the market are still very strong. Prices were mixed, depending on property type.  The average price was up just a little more than 1% for […]

Pricing in the Dutchess housing market soared again in the first quarter, with single-family home prices spiking from high demand and limited inventory. Average prices were up almost 19% from the first quarter of last year, and over 11% for the rolling year. We caution readers, though, not to read too much into that data, because the quarterly average price was skewed by a number of large-acreage multi-million-dollar sales that are not representative of the average homeowner experience. That said, […]