Closed home sales in the state rose 32 percent in October, compared to the same month last year. The increase was driven in part by rising competition among buyers and a drop in available inventory from last year, according to new data from the New Jersey Association of Realtors.
The organization reported favorably on October, calling it a "strong month" for the market with more nearly 8,200 closed sales. Closed sales also are up year-to-date, rising about 20 percent to nearly 80,000 in 2013.
"We're continuing to see a lower number of properties for sale ... so it's not surprising to see more closed sales since inventory is limited around the Garden State," Christina Banasiak, the association's president, said in a prepared statement. "It's a competitive market right now for buyers, which means that sellers are certainly happier to see prices increasing."
The number of homes for sale in October was down 14.6 percent from the same month last year, NJAR said in its latest monthly report in with 10K Research and marketing. Median and average sale prices were both up for the month, by 5.7 and 5.6 percent, respectively.
A news release by the organization said "the overall outlook is very good," even as trends vary around the state. For single-family homes, the data indicated sellers are feeling more confident about putting their homes on the market, as new listings rose 15.8 percent in October.
The full statewide report and county reports can be found at the NJAR website.