Real estate update: NJ home prices and housing inventory continued to increase in July

In July, housing inventory in the U.S. rose by 36.6% year-over-year, marking nine months of growth, though the Northeast's inventory increased at a slower rate of 14.7%. Interest rates remained high at 5.25% to 5.5%, with potential cuts suggested for September. In North Jersey, 12 of 21 counties saw new listings rise, except Sussex County, which experienced an 11.02% decrease. Homes in Bergen, Essex, and Morris counties sold faster than last year, while median listing prices increased across all North Jersey counties.