What does slowing housing market mean for buyers and sellers in NJ?

Robert White, president of New Jersey Realtors, assesses the market

Raven Santana, Correspondent | August 19, 2022 | Housing, Business

If you are looking to buy a home, now might be a good time. New data shows that the competition to buy a home is starting to ease. Homes in July received an average of 2.8 offers, down from 3.4 offers in June and down from 4.5 a year ago, according to the National Association of Realtors. The association reported that sales of previously owned homes fell nearly 6% in July compared with June.

Some experts are saying that we are now in a housing recession. What does that mean for buyers and sellers in New Jersey? Robert White, president of New Jersey Realtors, breaks it down for us.