Robert White, president of New Jersey Realtors, says that while home sales are declining in the state, a lack of inventory remains one of the biggest issues for the market. “Home sales are going to continue to decline because we’re not getting the inventory that we anticipated,” White said.
“Six months ago, and a year ago, we were in what’s known as a seller’s market,” said Jeffrey Otteau, chief economist for the Otteau Group and the managing broker for Hudson Atlantic Realty. But rising inflation and an increase in interest rates have put paid to that, he said.
According to a new report from the National Association of Realtors, the U.S. saw a 23.8 % drop in home sales in September compared to 2021; it was the eighth straight month the housing market experienced a decline in homes sales.
