BUSINESS REPORT

NJ housing market slows due to COVID-19

BY Rhonda Schaffler, Correspondent |

New Jersey realtors says the pandemic impacted the state’s housing market in April. Many would-be sellers decided to sit tight, and that resulted in a 63% drop in available listings. Because of that, buyers saw a big jump in housing prices. The median sales price rose more than 14%.

For residents who have lost income due to the pandemic, paying rent has become a struggle. Friday, Lt. Gov. Sheila Oliver announced that the state will launch a temporary rental assistance program for low- and moderate-income households. Information about how to apply will be available by mid-June and then the state will begin taking applications in July.

Gov. Phil Murphy vetoed a bill that would have allowed some small businesses to delay their rent payments. The governor says the bill would have shifted the financial pain to commercial property owners who still have to pay property taxes, and mortgages in some cases.