Across the South Jersey Shore region, the median sale price for homes sold increased versus year ago, according to the Long & Foster Real Estate Market Minute Report. Unit sales and inventory varied in the region, with Atlantic County reporting an 11% increase in inventory and Cape May County exhibiting an 8% dip. Similarly, the number of homes sold rose 6% in Cape May County but dropped 15% in Atlantic County.
In looking toward fall, Gary Scott, president of Long & Foster Real Estate, expects a solid market. “We’re experiencing incredibly low interest rates, a healthy rate of home price appreciation, full employment, a rising stock market and a large segment of millennials who desire homeownership and will try to achieve it,” Scott said.
He also talked further about mortgage rates, which are having an effect on the overall market since they remain the lowest they have been in a few years. “Many people who are thinking about buying now are doing so because rates are so low,” said Scott. “About 80% of mortgages in the United States have interest rates less than 5%. If the magic refinance number is 1% less than your current rate, the buy-now (and refi-now) trend will continue for a while.”