Home purchase demand in New Jersey increased for the 13th consecutive month in September, reflecting a 15% increase compared to the same month one year ago.
The Fed's decision to keep interest rates low should act as an accelerant for home sales heading into 2016. Also encouraging, is a 17% increase for homes purchased by first-time buyers this year which will provide broad support for continuing home sales activity for the next year or so.
While home purchase demand continues to rise, the inventory of available homes remains constrained in New Jersey.
Today's unsold inventory equates to 6.7 months of sales (non-seasonally adjusted), which is less than one year ago when it was 7.9 months.