The New Jersey Skinny - Report for August, 2015
Supply and Demand
Last months numbers are a lesson in simple economics. Overall, supply was down with fewer listings on the market. However, the number of pending sales and closings was up slightly. This combination is a forecast for rising home prices.
The sales data did bear this result, with prices creeping up, a higher list-to-sales-price ratio, and a decrease in the absorption rate.
Keep an eye on stats such as Days on Market, Absorption Rate, and List Price-to-Sales Price Ratio for insights into where things are headed throughout the year.