Realtors: Single-family home sales up in northern New Jersey

PASSAIC, N.J. (AP) - A nonprofit group of real estate agents says single-family home sales are up in northern New Jersey and there’s steep competition for homes due to a lack of houses for sale.

The Record newspaper reports (https://bit.ly/28OtnxN ) the National Association of Realtors said Wednesday sales of existing homes in May reached their highest levels since before the recession.

Realtors in New Jersey say single-family home sales increased about 20 percent in Bergen County and 28 percent in Passaic.

The group says both counties have about a six-month supply of homes, compared with 4.7 months nationwide.

The median price for a single-family home in Bergen County fell about 1 percent over the past year to $460,000.

Prices in Passaic increased more than 5 percent to $300,000.

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Information from: The Record (Woodland Park, N.J.), https://www.northjersey.com