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Home in New Jersey sold at a slower pace last month as prices and mortgage costs continue to soar, the latest Realtor.com data shows.
New Jersey homes sold within a median of 39 days in September. This is one day slower than in August, and six days slower than in June.
Nationwide, homes remained on the market for a median of 48 days
Homes sold the fastest in Massachusetts, New Hampshire and Ohio. The states with the longest time on the market were Louisiana, Hawaii and New York.
While housing prices skyrocketed during the pandemic in New Jersey, experts say that rising interest rates were expected to slow home sales. The average interest rate for a 30-year mortgage was 8% on Friday.
More N.J. real estate news
A note about the data: Realtor.com calculates time on market by taking the median number of days properties are closed or taken off the market.
Can’t see the table? Click here.
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Amira Sweilem may be reached at asweilem@njadvancemedia.com.
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