Author: Francis “Frank” Mellace

New Jersey ranked seventh among the top 10 states, with median home equity at $300K, showing how strongly property wealth shaped owners' finances.
Median household net worth in New Jersey was $312.4K, meaning typical homeowners held nearly as much wealth in home equity alone statewide.
That placed New Jersey households in a position where home equity made up most of total net worth, leaving only a modest gap beyond housing.
High equity can signal housing strength, but it can also limit flexibility when so much wealth stays tied to one property for owners.
For New Jersey homeowners, tracking equity versus overall wealth can support decisions on refinancing, downsizing, or diversification when reviewing long-term financial goals.

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In the rolling 3-mo period ending Mid-Q3, sellers gave concessions in ~45% of US home sales, the highest Mid-Q3 share recorded since at least 2020.
That share was up from ~43% a yr earlier, showing buyers gained more leverage as elevated inventory and lighter competition shifted the national market.
Concessions included help with repairs, closing costs, or mortgage-rate buydowns, giving buyers multiple ways to lower total purchase costs beyond straight price cuts.
Sellers increasingly competed through closing-cost credits and rate buydowns, not just price cuts, reshaping negotiations and creating more flexible deal structures for buyers.
Nationally, ~16% of homes sold in Mid-Q3 paired a price reduction with a concession, offering another path to reduce buyer entry costs.

Mortgage rates stayed above 7% as markets braced for more Fed moves, while Treasury yields pushed borrowing costs higher and kept affordability top of mind.
For buyers planning ahead, a study suggested building rate cushions: half-point within 3 mo, three-quarters by 6 mo, and a full point by 1 yr.
Later-year buyers often gained leverage: typical homes were ~5% cheaper in Early-Q4 than Late-Q2, with fewer competing buyers and more time to negotiate.
With a ~5-mo supply in the prior month, buyers had stronger bargaining power on price, closing costs, discount points, or temporary rate buydowns.
For buyers still waiting, markets recently priced in more Fed tightening, but the longer-term goal remained cooler inflation that could eventually ease mortgage costs.

In Late-Q3, a builder-confidence index fell 3 points to 32. Current sales conditions slipped to 35, while six-mo sales expectations dropped to 37.
Prospective buyer traffic held at 23. Meanwhile, 38% of builders nationwide cut prices, and two-thirds used incentives, up from 63% in Mid-Q3.
Mortgage applications for new-home purchases declined for a fifth straight mo in Mid-Q3 as avg. 30-yr rates hovered in the high-6% range.
Large builders kept leaning on builder-paid rate buydowns, helping buyers secure below-market mortgages and supporting sales without relying solely on broader new-home price cuts.
With 30-yr rates near 7% in Late-Q3, two housing forecasters expected them to stay in the high-6% range or higher through 2027.

In Mid-Q3, new US listings ↑~3% MoM to their highest level in >4 yr, while total homes for sale ↑~4% to the highest since 2020.
Buyer demand stayed flat in Mid-Q3: pending sales were unchanged MoM, closed sales ↓~1%, prices hit a period record, and mortgages neared 7%.
More homeowners listed as rate lock-in eased, life changes prompted moves, and sellers adjusted to a slower market, creating more room for buyers to compare.
By Mid-Q3, ~60% of US homes sold below original asking price, showing buyers had leverage to negotiate on price, repairs, closing costs, or walk away.
The market was friendlier for buyers who could afford to purchase than a few years earlier, despite high costs and stagnant national demand.