October 29, 2020 | Number of The Day
Price increase for houses in New Jersey over the past year

According to data from New Jersey Realtors, the price of homes in the Garden State jumped a dizzying 21% over last September, bringing the median sales tag to $375,000. There were 12,975 sales closed in September, a 29.7% increase over last year, while pending sales are up 49.8%, with 14,243 in the works.

So much for September marking the start of the seasonal slowdown in the housing market.

“Homes are moving fast and the demand from buyers does not seem to be lessening,” said 2020 New Jersey Realtors President Angela Sicoli.

Inventory remains tight. The number of single-family homes for sale in September was 21,806, down 43.7% over last September; townhouse and condo inventory was down 25.7%, with just 8,189 units; adult community inventory dropped 46.1% to 1,620.