New Jersey
The reasons why N.J. home sales plummeted 22% last year
Low inventory and the highest interest rates in two decades caused home sales to decline 22% in New Jersey in 2023, according to data from New Jersey Realtors.
That follows a 20% decline in home sales in 2022, according to data from the Otteau Group.
Closed sales for all market segments totaled 84,305 in New Jersey in 2023, a 22% percent decline from 2022.
The townhouse and condo market segment saw the biggest decline in closed sales, dropping 24% in 2023 compared with 2022. The 19,175 closed sales in 2023 represented a 6,063 decline from 25,238 in closed sales in 2022, according to New Jersey Realtors.
There were 23.2% fewer single family home closed sales in 2023, and the market of housing for people 55 and older had 6.2% fewer closed sales.
“It has nothing to do with people not buying,” said Gloria Monks, president of New Jersey Realtors and a broker associate with Compass in Princeton. “There’s no inventory. When we get good inventory, it does sell.”
New listings in New Jersey were down 20% in 2023 compared to 2022. There were 107,517 new listings in 2023, down from 134,643 in 2022. Of those new listings, the majority, 71,701, were single family homes, according to New Jersey Realtors’ data.
Unsold inventory in New Jersey fell to 10,500 homes on the market as of January, compared to 12,900 a year ago, according to data from the Otteau Group.
Homeowners don’t want to sell existing property they may have a mortgage on when rates for a new 30-year mortgages are now more than 7%, as many who purchased a property before mortgage rates increased have a note with an interest rate below 4%.
“After rates start to move closer to 5.5%, or get below 5.5%, we’re going to see existing homeowners more willing to put their houses up for sale,” said Jeffrey Otteau, a real estate economist who heads the Otteau Group.
New Jersey should see an increase in the number of houses on the market by Memorial Day or the second quarter of 2024, he said, if interest rates fall, as expected.
But the 2024 market is off to a slow start. In Randolph, in Morris County, prior to 2020, inventory was about 130 homes for sale at this time of year. In the spring market, inventory would rise to about 160, according to Missy Iemmello, a broker sales associate and Weichert Realtors’ branch vice president, whose agents work in Morris, Sussex, Warren, Bergen and Essex counties.
There are currently 13 active listings in Randolph.
“This is the lowest I have seen in my career, since 2006,” Iemmello said. “I believe we are at the bottom and will start growing inventory, but I think it will be a slow uphill climb.”
The decline in sales is having an impact on the real estate profession.
“There are a lot of agents making decisions about whether to keep their license active or go into a referral service,” said Beth Kimmick of ERA Central Realty in Cream Ridge. With a referral service, they can’t actively sell but they can refer clients to other agents who will then pay them a small commission.
“It’s expensive to have a license and if you’re not doing business, it can be the world’s most expensive hobby,” she said.
Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.
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Allison Pries may be reached at apries@njadvancemedia.com.
New Jersey
Sherrill Announces that Lisa Asare will Continue as President and CEO of the NJ Maternal & Infant Health Innovation Authority – Insider NJ
Governor-elect Mikie Sherrill today announced that Lisa Asare will continue as the President and CEO of the NJ Maternal & Infant Health Innovation Authority, and the position will remain in the Gov.-elect’s cabinet. Lisa Asare brings a depth of experience to the role, having held previous positions as Deputy Commissioner of Health Services within the New Jersey Department of Human Services and as Assistant Commissioner of the Division of Family Health Services at the New Jersey Department of Health.
“I have asked Lisa Asare to continue her strong leadership at NJ Maternal & Infant Health Innovation Authority as New Jersey continues to confront the Black Maternal Health crisis. She is known for her ability to bring state government together with practitioners, community partners, and local advocates to develop solutions that improve affordable access to care and health outcomes for women. Together, we’ll invest in programs that build the midwife and doula workforce, and leverage telehealth and remote monitoring services, both during and after pregnancy, to support postpartum moms and healthy infants,” said Governor-elect Mikie Sherrill.
“I am honored to continue to lead the NJ Maternal & Infant Health Innovation Authority. At MIHIA, we are focused not only on delivering physical care, but addressing the social determinants of health, expanding the perinatal workforce, supporting research and data collection, and acting as an incubator for innovation in maternal and infant health. I’m looking forward to continuing to advance this work as part of the Sherrill-Caldwell administration because I know the Governor-elect is committed to these same goals and has already demonstrated that community members have a seat at the table as we work to address healthcare disparities for communities of color across the state,” said Lisa Asare.
Governor-elect Sherrill highlighted the need to address maternal healthcare disparities throughout her campaign for governor and is committed to delivering on those promises. She sat down with moms, providers, community leaders, and advocates at roundtables across the state to pinpoint the key issues state government must address. Specifically, the Sherrill-Caldwell administration will work to build a culturally competent workforce, including doulas and nurse midwives, and ensure that students of color have access to these training programs. Additionally, the administration plans to invest in telehealth services, remote monitoring, and home visiting programs immediately after pregnancy to support postpartum outcomes and healthy infants.
Lisa Asare is the President and Chief Executive Officer of the NJ Maternal and Infant Health Innovation Authority, a position she was appointed to in March 2024. Prior to this appointment, Ms. Asare served as Deputy Commissioner of Health Services within the New Jersey Department of Human Services. In this role, she oversaw the Division of Medical Assistance and Health Services that administers NJ FamilyCare and the Division of Mental Health and Addiction Services. She also served as the Department lead on First Lady Murphy’s Nurture NJ maternal health initiative.
Ms. Asare previously worked as the Assistant Commissioner of the Division of Family Health Services at the New Jersey Department of Health, for more than 20 years. She redesigned the Division’s approach to addressing black infant mortality and maternal mortality, contributed to the NurtureNJ strategic plan, addressed the social determinants of health by collaborating with other state agencies and non-traditional partners, and leveraged additional state, federal, and philanthropic funding to address emerging issues and the COVID-19 pandemic.
New Jersey
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New Jersey
Crime in N.J. keeps dropping, Murphy says. See the new stats on shootings, car thefts.
As he enters his final weeks in office, Gov. Phil Murphy on Tuesday touted a decline in crime across New Jersey.
Speaking at a court and police building in East Rutherford, Murphy said there were 559 shooting victims statewide last year, a 28% decline compared to the previous year.
Of the 559 victims, 107 were fatalities.
At the start of his term, more than 1,300 people were shot annually, Murphy said. The 2025 reduction marks the fourth consecutive year of declines in gun violence injuries.
“That’s not to say we are perfect,” Murphy said. “Because the objective is to get it down to zero.”
Motor vehicle thefts also dropped in 2025 — from 15,041 to 13,693 — according to New Jersey State Police statistics. That was a 9% decrease.
Murphy signed legislation in July 2023 that increased criminal penalties for auto theft offenders, focusing on repeat offenses and large-scale automobile trafficking.
“While there is more work to be done, this moment underscores the strength of the tools, practices and initiatives that have been put in place during the Murphy administration to protect residents and support lasting public safety across our state,” Lt. Gov. Tahesha Way said.
State Attorney General Matthew Platkin attributed the decline in crime to treating gun violence as a public health issue.
“That happened because of a sustained commitment to treating gun violence like the public health crisis it is,” Platkin said.
Platkin also cited drops in shootings in New Jersey’s largest cities, including Paterson, which saw a state police takeover after a corruption scandal. Shootings in the city fell to 42 last year from 127 the year before, he said.
Newark Mayor Ras Baraka said his city also saw historic lows in shootings and murders, with killings dropping to 31 last year, a 19% decrease from the previous year.
“Even as we laud our accomplishments, and we have many to talk about, we still have people who have been victimized in our city,” Baraka said last week.
State officials lauded local gun violence interruption groups as integral to the reduction.
“These groups are doing good and important work,” Platkin said.
Murphy said the coalitions often engage communities in ways law enforcement cannot.
“They’re on the streets, they know the community unlike any of us,” Murphy said. “They know it better than law enforcement. They know it better than elected officials.”
New Jersey’s acting State Police superintendent, Lt. Col. David Sierotowicz, said the reduction in crime was the result of collaboration between multiple government agencies and community partnerships.
“These reductions in crime represent more than statistics — they represent lives saved,” Sierotowicz said.
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