New Jersey housing market sees rise in contract cancellations

Home purchase agreements in major New Jersey markets saw a significant increase in cancellations during September. According to a report from real estate brokerage Redfin, approximately 11.9% of agreements in the New Brunswick metropolitan market and 11.7% in the Newark metropolitan market fell through.

These figures come amid a national cancellation rate of 14.5%, which Redfin identifies as the highest September rate on record, excluding the early months of the pandemic. The rise in failed deals is attributed to high housing costs and mortgage rates that climbed above 7% by the end of September.

In the New Brunswick market, the median home-sale price was approximately $584,000, while the Newark market saw a median price of roughly $614,000.