By Richard Choi, New Jersey Realtor - Expert Analysis of the Housing Market According to the latest report from the National Association of Realtors (NAR), existing home sales decreased by 5.9% in March compared to the previous month. The housing market across the United States, including New Jersey, continues to show a cooling trend. New Jersey Realtor Richard Choi analyzes the key findings of this report and their impact on the New Jersey real estate market. Key Market Indicators and New Jersey Impact "The median home price in March reached $403,700, representing a 2.7% increase year-over-year. Notably, the Northeast region saw a 7.7% price increase to $468,000, which is directly affecting the New Jersey housing market," explains Richard Choi. Inventory conditions have also seen significant changes. The number of existing homes available on the market increased to 1.33 million units, up 8.1% from February. This inventory growth is expected to provide New Jersey buyers with more options in the coming months.…

Latest Mortgage Rate Trends According to the most recent Freddie Mac data, the 30-year fixed-rate mortgage recorded 6.83% last week representing a 0.21 percentage point increase from the previous survey. While this is a slight uptick, it's noteworthy that rates continue to remain below the 7% threshold. In fact, this marks the thirteenth consecutive week below 7%, suggesting some stability in the rate environment. At this time last year, rates reached 7.1%, and mortgage applications were 13% lower than they are today which indicates this year's spring homebuying season is showing more activity despite similar rate levels. New Jersey Housing Market Conditions The New Jersey housing market, like many regions across the country, continues to face inventory challenges. Particularly in Bergen County and Palisades Park areas, many homeowners who refinanced at lower rates in previous years feel significant financial disincentives to sell their current homes and purchase new ones. Nevertheless, the New Jersey housing market maintains steady interest, especially in areas…