These NJ counties saw the most home price reductions in October
High mortgage rates have slowed down the real estate market in October, with less home purchase applications and a drop in pending sales. But inventory continued to increase nationally, median listing prices decreased slightly and many properties for sale saw price cuts. Marking the 36th straight month of increases, inventory levels continued to grow in October with a 7.4% year-over-year increase and a 1.9% month-over-month increase. And while inventory remains 6.7% below pre-pandemic norms, this represents the narrowest difference so far, said Realtor.com's October Housing Trends Report . The Northeast continued to be the leading region in the nation for inventory growth, with a 16.5% increase from last year. Listings typically spent about 63 days on the market, which is about one more day than last year and two more days than the previous month. (function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})(); The national median listing price was $415,000. That is down 2.2% from last year — marking the 12th straight month of listing prices falling year-over-year — and down 1% from the previous month. And 20.5% of listings had price reductions in October. In New Jersey, there were 21,759 active listings in October, up 23.63% from the
