Home Buying Just Hit Its Slowest Pace Since 2014. Ocean County Prices Haven't Followed.
By Sam Alpert, President and Mortgage Loan Originator, NMLS #1961555
Redfin reports a sharp national drop in pending sales. Ocean County prices were still up in the three months ending August.
Redfin reported on October 12 that U.S. pending home sales in September were the lowest since spring 2014, apart from April 2020. Sales that go under contract fell 4% in a month, the biggest monthly drop in more than three years. Redfin ties it to mortgage rates, which passed 7% by the end of September. About 14.5% of deals signed in September were later cancelled, the highest share outside early 2020. In all 50 of the country's biggest metro areas, fewer homes went under contract than a year earlier.
What about Ocean County? Redfin's latest local numbers are from August: the median sale price was $500,000 in the three months ending August, up 3.1% from a year earlier. Homes sold at 99% of list price in a median of 36 days, 850 homes sold in August (down 6.1%), and 21.4% of listings had a price cut. Fewer buyers so far has meant fewer sales here, not lower prices.
Sources: Redfin national report (Oct 12, 2026) https://www.redfin.com/news/pending-home-sales-sink-rates/ and Redfin Ocean County housing market data https://www.redfin.com/county/1905/NJ/Ocean-County/housing-market
Sam Alpert, NMLS #1961555. Spring Home Company, NMLS #2741914. Not a rate quote or a commitment to lend.