The New Jersey residential real estate market has been on fire for months, but some of this frantic buying has subsided. After a record first half of the year, concerns about housing affordability and scarcity have slowed market growth, according to a New Jersey real estate agency. NJ Realtors President Jeff Jones says some markets are quieting down and a more stable, normal market is expected in the future. In terms of affordability, while mortgage rates are still low, home prices have skyrocketed. The median selling price for homes in New Jersey this year is $ 385,000, up over 20% over the same period in 2020.
Meanwhile, the state’s warehouse market is still thriving. Warehouse vacancies have fallen to an all-time low and rents have reached all-time highs in northern and central New Jersey, according to a new study. That is why we are seeing a surge in the construction of new storage facilities. You can dive deeper into this story here…
Members of the Problem Solving Congress held a press conference in Washington to try to convince their counterparts to support a new bipartisan trillion-dollar infrastructure package. New Jersey Representative Tom Malinowski (D-7) was among those lobbying for his adoption on Friday. The bill removed another hurdle on Friday when the US Senate introduced the bill to a procedural vote.
The delta variant of the coronavirus is causing some big tech companies to wonder whether to call their employees back to the office. Google announced this week that it would postpone the return to its offices until October and said that all employees should be vaccinated against COVID-19. Shortly thereafter, Facebook announced that it would also need vaccinations. Research firm Gartner says other major tech companies could follow suit with vaccines, but so far, according to its surveys, fewer than 10% of employers have said they intend to require vaccines for all employees.