Fewer Homes for Sale, Prices up in New Jersey [AUDIO]
A new report indicates it's a sellers market for homes in New Jersey right now.
The New Jersey Association of Realtors report shows fewer homes available for sale statewide drove prices up as of September, but sales in the state have risen almost 22 percent over a year ago.
"There's getting to be more confidence in the marketplace. More confidence in the economy, locally, anyway," NJAR President Christina Banasiak says.
The overall number of homes for sale in Jersey was down more than 15 percent this September versus last year. Banasiak says there are differences from area to area in the state.
For example, in Ocean County, housing inventory is down 22 percent from the same time a year ago. In Passaic County, there are 19 percent fewer homes for sale than September of last year.
But overall, Banasiak says the market is still improving.
Sales are improving, and the report attributes that to mortgage rates still being low. But they also warn that those rates continue to rise slowly.