Monthly Indicators. June Monthly Snapshot - 3.6% % + 4.1%

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1 Monthly Indicators For residential real estate activity in the state of New Jersey 2018 Housing markets across the nation are most assuredly active this summer, and buyer competition is manifesting itself into several quick sales above asking price. While the strength of the U.S. economy has helped purchase offers pile up, the Fed recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late Although the 30-year mortgage rate did not increase, buyers often react by locking in at the current rate ahead of assumed higher rates later. When this happens, accelerated price increases are possible, causing further strain on affordability. Single Family Closed Sales were down 4.6 percent to 8,827. Townhouse-Condo Closed Sales were down 1.7 percent to 2,523. Adult Communities Closed Sales were up 1.6 percent to 758. Single Family Median Sales Price increased 4.6 percent to $340,000. Townhouse-Condo Median Sales Price increased 0.4 percent to $260,000. Adult Communities Median Sales Price increased 10.5 percent to $210,000. Inventory may be persistently lower in year-over-year comparisons, and home prices are still more likely to rise than not, but sales and new listings may finish the summer on the upswing. The housing supply outlook in several markets is beginning to show an increase in new construction and a move by builders away from overstocked rental units to new developments for sale. These are encouraging signs in an already healthy marketplace. Monthly Snapshot - 3.6% One-Year Change in Closed Sales All Properties % One-Year Change in Homes for Sale All Properties Residential real estate activity comprised of single family properties, townhouses and condominiums combined, and properties in adult communities. Percent changes are calculated using rounded figures. Single Family Market Overview Townhouse-Condo Market Overview Adult Community Market Overview New Listings Pending Sales Closed Sales Median Sales Price Average Sales Price Percent of List Price Received Days on Market Until Sale Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory Total Market Overview + 4.1% One-Year Change in Median Sales Price All Properties Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime.

2 Single Family Market Overview Key metrics for Single Family Properties Only, excluding Manufactured Housing, for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines Percent Change YTD 2017 YTD 2018 Percent Change New Listings 12,716 13, % 73,368 73, % Pending Sales 8,244 8, % 43,926 45, % Closed Sales 9,251 8, % 38,347 38, % Median Sales Price $325,000 $340, % $295,000 $305, % Avg. Sales Price $414,714 $421, % $380,765 $386, % Pct. of List Price Received 98.0% 98.2% + 0.2% 97.3% 97.8% + 0.5% Days on Market % % Affordability Index % % Homes for Sale 42,678 37, % Months Supply % Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 2

3 Townhouse-Condo Market Overview Key metrics for Townhouses and Condominiums Only for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines Percent Change YTD 2017 YTD 2018 Percent Change New Listings 3,318 3, % 19,993 20, % Pending Sales 2,333 2, % 12,965 13, % Closed Sales 2,567 2, % 11,558 11, % Median Sales Price $259,000 $260, % $248,000 $255, % Avg. Sales Price $326,505 $325, % $316,495 $324, % Pct. of List Price Received 97.5% 97.7% + 0.2% 96.9% 97.4% + 0.5% Days on Market % % Affordability Index % % Homes for Sale 11,148 9, % Months Supply % Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 3

4 Adult Community Market Overview Key metrics for properties in Adult Communities Only for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines Percent Change YTD 2017 YTD 2018 Percent Change New Listings % 5,195 5, % Pending Sales % 3,887 3, % Closed Sales % 3,429 3, % Median Sales Price $190,000 $210, % $180,000 $198, % Avg. Sales Price $225,802 $233, % $213,943 $229, % Pct. of List Price Received 97.2% 97.8% + 0.6% 96.8% 97.5% + 0.7% Days on Market % % Affordability Index % % Homes for Sale 2,508 2, % Months Supply % Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 4

5 New Listings A count of the properties that have been newly listed on the market in a given month. 12,419 12,716 13,020 72,642 73,368 73,094 3,328 3,318 3,497 20,614 19,993 20, ,269 5,195 5, % + 2.4% + 2.4% - 4.0% -0.3% + 5.4% -5.6% + 8.7% - 6.2% + 4.5% + 1.0% -0.4% + 0.4% -3.0% + 1.6% -0.7% -1.4% -0.9% Historical New Listings by Month 15,000 12,500 10,000 7,500 5,000 2,500 0 July ,073 3, August ,993 3, September ,711 3, October ,798 2, November ,965 2, December ,693 1, January ,214 2, February ,428 3, March ,031 3, April ,878 3, May ,523 3,728 1, ,020 3, Month Avg. 10,777 3, Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 5

6 Pending Sales A count of the properties on which offers have been accepted in a given month. 7,566 8,244 8,599 39,524 43,926 45,067 2,167 2,333 2,393 11,991 12,965 13, ,713 3,887 3, % + 9.0% + 4.3% + 6.4% + 7.7% + 2.6% -3.8% + 6.5% - 1.4% % % + 2.6% + 9.8% + 8.1% + 2.2% + 9.1% + 4.7% -4.3% Historical Pending Sales by Month 10,000 8,000 6,000 4,000 2,000 0 July ,308 2, August ,554 2, September ,422 1, October ,607 2, November ,913 1, December ,751 1, January ,254 1, February ,262 1, March ,790 2, April ,206 2, May ,956 2, ,599 2, Month Avg. 6,969 2, Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 6

7 Closed Sales A count of the actual sales that closed in a given month. 8,294 9,251 8,827 33,590 38,347 38,038 2,345 2,567 2,523 10,480 11,558 11, ,257 3,429 3, % % -4.6% + 2.5% + 9.5% -1.7% + 7.3% -4.4% + 1.6% % % -0.8% % % + 0.6% % + 5.3% -2.4% Historical Closed Sales by Month 10,000 8,000 6,000 4,000 2,000 0 July ,828 2, August ,995 2, September ,220 2, October ,917 2, November ,438 1, December ,670 2, January ,125 1, February ,493 1, March ,773 1, April ,414 2, May ,406 2, ,827 2, Month Avg. 6,842 2, Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 7

8 Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $325,000 $325,000 $340,000 $250,000 $259,000 $260,000 $185,000 $190,000 $210,000 $291,500 $295,000 $305,000 $243,500 $248,000 $255,000 $165,000 $180,000 $198, % -1.5% 0.0% + 4.6% - 3.1% + 3.6% + 0.4% + 7.4% + 2.7% % -2.5% + 1.2% + 3.4% -2.6% + 1.8% + 2.8% + 3.1% % Historical Median Sales Price by Month $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 July 2017 $328,000 $260,000 $180,000 August 2017 $330,000 $259,459 $202,500 September 2017 $306,000 $245,000 $179,500 October 2017 $295,000 $240,000 $192,000 November 2017 $300,000 $250,000 $185,000 December 2017 $300,000 $252,000 $195,000 January 2018 $289,000 $245,000 $211,900 February 2018 $275,000 $242,000 $175,000 March 2018 $290,000 $247,000 $184,450 April 2018 $300,000 $262,500 $191,600 May 2018 $314,000 $258,000 $210, $340,000 $260,000 $210, Month Med.* $309,000 $253,000 $193,000 * Median Sales Price for all properties from July 2017 through This is not the average of the individual figures above. Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 8

9 Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $405,888 $414,714 $421,425 $374,099 $380,765 $386,735 $317,190 $326,505 $325,581 $311,745 $316,495 $324,634 $208,287 $225,802 $233,388 $200,806 $213,943 $229, % -4.4% + 2.2% + 1.6% - 1.1% + 2.9% -0.3% + 1.6% + 8.4% + 3.4% -4.2% + 1.8% + 1.6% -0.9% + 1.5% + 2.6% + 2.7% + 7.1% Historical Average Sales Price by Month $500,000 $400,000 $300,000 $200,000 $100,000 July 2017 $405,545 $323,097 $215,867 August 2017 $407,732 $331,018 $225,667 September 2017 $386,246 $308,757 $222,725 October 2017 $371,057 $314,964 $227,034 November 2017 $371,599 $327,970 $220,327 December 2017 $381,072 $316,858 $220,585 January 2018 $370,233 $319,069 $239,529 February 2018 $352,304 $313,658 $213,956 March 2018 $366,898 $320,839 $215,912 April 2018 $385,520 $329,969 $232,635 May 2018 $394,136 $332,237 $232, $421,425 $325,581 $233, Month Avg.* $387,819 $322,455 $225,249 * Avg. Sales Price for all properties from July 2017 through This is not the average of the individual figures above. Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 9

10 Percent of List Price Received Percentage found when dividing a property s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 97.2% 98.0% 98.2% 97.5% 97.7% 97.8% 96.7% 96.9% 97.2% 97.8% 97.3% 97.4% 97.5% 96.9% 96.4% 96.4% 96.8% 96.4% + 0.4% + 0.4% + 0.8% + 0.2% 0.0% + 0.8% + 0.2% + 0.5% + 0.3% + 0.6% + 0.3% + 0.9% + 0.5% + 0.2% + 0.5% + 0.5% + 0.5% + 0.7% Historical Percent of List Price Received by Month 100.0% 98.0% 96.0% 94.0% 92.0% 90.0% July % 97.8% 97.4% August % 97.3% 97.1% September % 97.2% 97.3% October % 97.0% 97.6% November % 97.3% 97.4% December % 97.0% 97.1% January % 97.0% 97.1% February % 97.0% 96.3% March % 97.3% 97.0% April % 97.5% 98.4% May % 97.5% 97.9% % 97.7% 97.8% 12-Month Avg.* 97.7% 97.3% 97.4% * Pct. of List Price Received for all properties from July 2017 through This is not the average of the individual figures above. Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 10

11 Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month % -6.4% % % - 9.0% -8.5% % + 1.4% + 2.8% % -5.5% % % -3.5% -9.8% % + 1.3% % Historical Days on Market Until Sale by Month July August September October November December January February March April May Month Avg.* * Days on Market for all properties from July 2017 through This is not the average of the individual figures above. Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 11

12 Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability % + 3.9% 0.0% -9.8% + 5.5% -3.5% -6.0% -5.2% -2.1% % + 4.2% -0.7% -8.8% + 4.1% -1.1% -8.0% -1.1% % Historical Housing Affordability Index by Month July August September October November December January February March April May Month Avg.* * Affordability Index for all properties from July 2017 through This is not the average of the individual figures above. Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 12

13 Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 48,535 42,678 37,573 13,128 11,148 9,741 2,918 2,508 2, % % % -9.3% % % -6.0% % -6.9% Historical Inventory of Homes for Sale by Month 60,000 50,000 40,000 30,000 20,000 10,000 0 July ,372 11,119 2,428 August ,458 10,766 2,346 September ,132 10,774 2,329 October ,563 10,442 2,270 November ,033 10,141 2,104 December ,711 9,114 1,974 January ,756 9,284 2,066 February ,516 9,485 2,156 March ,023 9,612 2,191 April ,980 9,924 2,283 May ,522 9,949 2, ,573 9,741 2, Month Avg. 37,137 10,029 2,236 Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 13

14 Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months % % % % % % % % -7.5% Historical Months Supply of Inventory by Month July August September October November December January February March April May Month Avg.* * Months Supply for all properties from July 2017 through This is not the average of the individual figures above. Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 14

15 Total Market Overview Key metrics for single-family properties, townhouses, condominiums and properties in adult communities combined, for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines Percent Change YTD 2017 YTD 2018 Percent Change New Listings 17,387 17, % 100, , % Pending Sales 11,515 11, % 61,850 63, % Closed Sales 12,746 12, % 54,326 53, % Median Sales Price $300,000 $312, % $273,000 $285, % Avg. Sales Price $384,593 $388, % $355,289 $362, % Pct. of List Price Received 97.8% 98.1% + 0.3% 97.2% 97.6% + 0.4% Days on Market % % Affordability Index % % Homes for Sale 58,085 51, % Months Supply % Data as of July 20, All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS. Report 2018 ShowingTime. 15