Business Report: NJ's housing market cools

Clip: 1/27/2023 | 2m 14sVideo has Closed Captions | CC

The trend is attributed to rising interest rates and prices as well as low inventory

New Jersey’s housing market has definitely cooled off. According to new figures from New Jersey Realtors, the number of closed sales in the state fell 17.8% in 2022, compared to the prior year. The organization blames rising interest rates and prices along with low inventory for the drop. Last year, the median sales price for single family homes rose 8.7% to $473,000.

Aired 01/27/2023

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