[Bergen County, NJ - JULY 24, 2019] — According to the June 2019 Monthly Market Indicators released by NJ Realtors®, in Bergen County, although the economy is still performing well due to factors such as low unemployment and solid retail sales, uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments. The Federal Reserve met in June, and as expected, they did not change the target range for the federal funds rate – currently set at 2.25 to 2.5 percent.
Single family closed sales decreased 10.9 percent to 652; townhouse-condo closed sales increased 6.1 percent to 243; adult communities closed sales decreased 14.7 percent to 6. On the median sales front, single family median sales price was down 0.4 percent to $507,750; townhouse-condo median sales price remained flat at $340,000 and adult communities’ median sales price was up 20.2 percent to $318,500.
In terms of relative balance between buyer and seller interests, residential real estate markets across the country and here in New Jersey are performing well within an economic expansion that will become the longest in U.S. history in July. However, there are signs of a slowing economy. The Federal Reserve considers 2.0 percent a healthy inflation rate, but the U.S. is expected to remain below that this year. The Fed has received pressure from the White House to cut rates in order to spur further economic activity, and the possibility of a rate reduction in 2019 is definitely in play following a string of increases over the last several years.
Data as of July 20, 2019. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2019 ShowingTime
Greater Bergen REALTORS® provides invaluable information, programs and services to insure the success of its members in everyday business. As the leading voice of real estate in North Jersey, we advocate for the public to protect private property rights as well as the right to home ownership. The association is a highly influential and important member of the local, state and National REALTOR® family. Greater Bergen REALTORS® represents over 7,500 realtors in northern New Jersey. For more information, please visit www.bergenboard.com.