Broker Bulletin What’s Happening at the Association
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NOVEMBER 2024
LEGISLATIVE UPDATES
$650,000
Raised for the Realtors Relief Foundation After Hurricane Helene
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5 minutes and 47 seconds:
Average read time on new Broker Bulletin format
$557,000
Median sales price for a single family home so far this year
What’s Happening in the Industry Encourage your agents to apply for NJ Realtors® 2025 Leadership Academy by Dec. 16. They’ll build essential skills, network with other professionals, and unlock leadership potential with this eight-month-long program. Click here to share the program.
NJ Realtors® Circle Of Excellence Sales Award® application payment portal is now open. The deadline is 5 p.m. on Jan. 13, 2025. Click here to share the application with your agents.
Mortgage rates decreased 1.04% compared to this time last year. According to Freddie Mac, the average 30-year fixed mortgage rate is 6.79% as of Nov. 7. Learn more about mortgage interest rate trends.
According to the latest NJ Realtors® housing market data report, the single family median sales price increased by 11.4% year-to-date to $557,000. Pending home sales have risen by 7.4% over last September, with month-overmonth transaction increases occurring in all four regions of the U.S. Click here to read the full report.
New Listings Continue to Rise this Fall The fall housing market continues to see prices rise, fueled by buyer demand and still-low inventory. New listings, however, have picked up over last year, with the number of single family homes for sale in September sitting at 6,716, a 10.4% increase over last September. So far this year, new listings are up 5.1% for the single family market, showing promise of more options for buyers. Rising prices coupled with interest rates hovering around 6.62% have frustrated buyers, especially the first-time buyer segment, who continue to be outbid and are unable to find everything they desire in what inventory is available. Closed sales reflect this trend, dipping 6.5% in September to just 4,739 closed in the month. Homes continue to move quickly this year, with a single family home in New Jersey
spending an average of just 34 days on the market, down 8.1% over 2023. The townhouse-condo market fared similarly, with new listings up 8.2% for the year and the median sales price rising to $415,000, up 12.2%. Closed sales on townhomes and condos has been static so far, with 14,708 closed from January to September. The adult community market saw the most downturns, with new listings down almost 3% to 6,612 for the year and closed and pending sales down 4.6% and 6.5%, respectively. The median sales price for an adult community home is $358,000, representing an 8.5% rise over 2023. All New Jersey Realtors® have exclusive access to reports on every municipality in New Jersey—access those reports and the state and county numbers at njrealtor.com/data.
Active Military and Veterans PAG Works to Educate Realtors® and Military Personnel on the Homebuying Process Over the summer, NJ Realtors® formed the Active Military and Veterans Presidential Advisory Group, chaired by NJ Realtors® 2024 Treasurer and U.S. Air Force Veteran Jairo Rodriguez. The PAG aims to educate Realtors®, veterans, and active military personnel on the benefits of the Veterans Affairs Home Loan product and eliminate the misinformation surrounding these loans. By equipping Realtors® and veteran homebuyers with accurate information, the PAG hopes to assist veterans in their homebuying journeys. Confusion surrounds different requirements for VA Home Loans most notably between the appraisal and home inspection procedures. While the VA requires appraisals to determine the home’s value, home inspections are optional. However, inspections will provide the buyer with a clearer picture of the home’s systems and inner workings, ensuring repairs are unnecessary. To better support veterans in the competitive housing market, the New Jersey Department of Military and Veterans Affairs recently announced buyers can now compensate real estate professionals directly when using the
Home Loan Guaranty Program. Educating Realtors® and veterans on these requirements and changes to the VA Home Loan Program ensures our heroes receive the support they need in their home buying journeys. On Oct. 30, the PAG met with the NJ DMVA’s Deputy Commissioner of Veterans Affairs Vincent Solomeno to discuss how the department assists New Jersey’s veterans and their families. In this meeting, Solomeno provided contacts with the DMVA, resources for Realtors® to share with veteran clients, and ways for Realtors® to generally support the department’s veterans housing initiatives. To further assist veterans and active military personnel, NJ Realtors® added a webpage dedicated to providing resources on their unique homebuying process. This page is filled with links and digital materials on loan assistance, homebuying guides, organizations dedicated to military and veteran support, and further education for Realtors® looking to become certified Military Relocation Professionals. Click here to learn more about how you can support veterans’ homebuying journeys.
Final NAR Settlement Approval Slated for Nov. 26 The final court approval hearing for the National Association of Realtors® proposed settlement agreement is set for Nov. 26, 2024. As the date approaches, New Jersey Realtors® is monitoring any possible new developments. As guidance and clarification continues to be released from the national association, the library of forms will also be updated as needed. These
forms, which are all crafted with legal guidance, as well as direction from volunteer committee members, are available with your membership at njrealtor.com/zipform. For resources in helping your agents talk to consumers about the practice changes, please check out NAR’s Consumer Guide series, as well as their Do’s and Don’ts, at facts.realtor.