Statewide there were 2.7 months’ supply of homes for sale in August, according to the most recent data available from New Jersey Realtors. That’s 6.7% less than in August 2021.
Unsold inventory is lowest in the $400,000 price bracket where there are 22% fewer homes on the market. And it’s down 6% in the $400,000 to $599,000 range, the Otteau Group found. “The ‘months of supply’ measures the market-balance and therefore reflects the strength or weakness on a housing market,” said Jeffrey Otteau, a real estate economist and president of the Otteau Group. “The simple calculation is to divide the number of homes on the market by the monthly pace at which homes in that town are selling.”
In another town, with only 25 homes for sale, in which homes are selling at a rate 25 per month, there would be only 1 month of supply.
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