As has been the case for months in Summit and New Providence, low inventory continues to be a nationwide issue. With fewer homes available for purchase, prices are soaring. Buyers find themselves forced to consider new locales that represent more affordable options. Starter homes are also hard to come by, both locally and across the country. Let’s take a look at some of the interesting news in real estate this month.
Low Inventory Continues to Slow Home Sales
Existing-home sales in August dropped for the fourth time in five months. Real-estate agents cite lack of available homes to buy as the cause for that steady decline. In fact, the National Association of Realtors reported that existing-home sales fell 1.7 percent to a seasonally-adjusted rate of 5.35 million, the worst level in 12 months.
Buyers Priced Out of Manhattan Find Homes in Weekhawken
Homebuyers who can’t afford New York City, Hoboken or Jersey City prices are finding Weehawken’s waterfront condos fit the bill. Scooping up these properties has caused median home values in the town of under 15,000 residents to surge nearly 25 percent over the last year, the largest increase in the state.
Hoboken Will Soon Be Home to 1,440 More Apartments
The birthplace of baseball and Frank Sinatra will soon offer 1,440 more apartments to those who wish to move into the Hudson County city. Nineteen projects are currently underway, primarily on Hoboken’s west side.
Rents Skyrocket in Cities as New Housing Can’t Meet Demand
Living in a major city is always appealing but it’s seeming less and less affordable. In fact, 48 percent of renters spent at least 30 percent of their household income on rent in 2015, up from 41 percent of renters in 2001, according to Harvard’s Joint Center for Housing Studies. What’s causing this surge? New housing isn’t keeping up with demand.
Housing Market Isn’t Offering What Buyers Seek
The disconnect between what buyers want and can afford and what’s available continues to grow. According to data gathered by Trulia, potential homebuyers struggle when looking for starter and trade-up homes, while expensive luxury homes flood the market.
New Providence Embraces Downtown Walkability With New Signage
Colorful new signs abound in downtown New Providence encouraging people to walk to various destinations in the borough. The initiative reminds residents and visitors that locations are closer than perceived. It also aims to eliminate traffic congestion within the downtown area.
Summit Breaks Ground as Community Center Construction Begins
Construction has begun on the renovated and expanded Summit Community Center. The project, which will see nearly 16,000 square-feet of space added to the facility at 100 Morris Avenue, is expected to take 12-14 months to complete.