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feature image of Weekly Real Estate Monitor for Feb. 26 - Mar. 1
Weekly Real Estate Monitor for Feb. 26 - Mar. 1
  This week, mortgage interest rates trended downward slightly but still continue to be above 7%, starting the week at 7.13% and at 7.08% as of today. Although still lower than the rates observed in the fall of 2023, this development dampens enthusiasm among buyers looking to enter the spring market. It is noteworthy that this housing market is distinctive, with 32% of buyers opting for all-cash purchases, possibly influenced by substantial gains in housing equity.   If this trend continues, it may create disadvantages for first-time buyers, who are typically more sensitive to prices, as the increase in mortgage rates could potentially price them out of the market. Existing-home sales in January 2024 bounced back to reach 4 million The National Association of Realtors (NAR) published a report on existing-home sales data, revealing that housing market activity in January surged by 3.1% compared to December 2023. January's existing-home sales achieved a seasonally adjusted annual rate of 4 million, marking a 1.7% decline from January 2023.   By the end of January, unsold listings increased by 2.0% from the previous month, totaling 1,010,000 homes for sale. Inventory levels were up by 3.1% compared to January 2023, with it taking approximately 3 months to clear the current inventory at the current sales pace. Homes took around 36 days to go from listing to contract in the current market, slightly longer than the 33 days it took a year ago.   All-cash buyers has reached its highest level since 2014, accounting for 32% of all buyer While mortgage interest rates have increased from their historic lows in recent years, the number of all-cash home buyers has notably increased in recent months. Since October 2022, buyers who purchased their homes without financing, have accounted for over a quarter of the real estate market. As of January 2024, all-cash buyers now represent 32% of home sales, marking the highest level since June 2014. These home buyers primarily consist of vacation buyers and investors based on data from the REALTORS® Confidence Index over the last six months. However, primary residence buyers are also actively engaging in all-cash purchases.    For primary residence buyers, all-cash transactions or larger than 20% down payments have seen a rise over the past two years. These buyers typically sold their previous homes and used the proceeds to purchase their next property without a mortgage or borrowing a smaller amount. This ability to make cash purchases is often attributed to the substantial housing equity they have accumulated as property values have surged in recent years. In 2003, only 10% of repeat primary residence buyers could afford an all-cash purchase, compared to 26% in 2023. This trend is less common among first-time buyers, although there was a slight increase from 4% in 2003 to 6% in 2023.    Apart from housing equity, another factor enabling primary residence buyers to make all-cash purchases is their tendency to relocate over long distances. All-cash primary residence buyers typically move a median distance of 60 miles, with nearly a third relocating 500 miles or more. In contrast, among those who financed their home purchases, only 16% moved over 500 miles, with a median distance of just 18 miles. Long-distance moves have remained prevalent, especially among retirees and individuals with remote work flexibility. With home prices projected to continue rising in 2024 due to limited inventory and high demand, all-cash buyers are expected to remain prominent in the market as homeowners accumulate more housing equity.    In January, the average home received 2.7 offers, indicating a competitive market where all-cash buyers may have an advantage in bidding wars over those relying on financing. Weekly Highlights: New listings have increased for the fourth consecutive week.  The week ending on February 25, there was a rise of 6.9% in new listings compared to the same period last year.    The median time to contract interrupts the declining pattern. This marks the fourth week in a row where new listings have surpassed the previous year's numbers, indicating a positive trend in inventory growth.The decline in the median time to contract has been interrupted. Homes are now taking one day longer to sell compared to the previous week, breaking a six-week downward trend.  The median list price in falls. Despite this change, the current median time to contract is still two days quicker than it was at the same time last year. In comparison to the previous year, there was a 2.5% decrease in the median list price from the preceding week. Nonetheless, the median list price remains higher than last year, with a 5.3% increase observed across the region.
feature image of Mid-Century Modern in New Jersey: A Timeless Architectural Movement
Mid-Century Modern in New Jersey: A Timeless Architectural Movement
If you’ve ever admired a sleek, low-slung home with floor-to-ceiling windows that blur the line between indoors and out, you’ve likely encountered Mid-Century Modern design. This architectural and design movement, which flourished from the 1940s to the 1970s, remains one of the most enduring and beloved styles in American history.  Mid-Century Modern is a design movement that spans architecture, interior design, product design, and graphic design, defined by its simplicity, openness, and deep connection to nature and its surroundings. Its roots can be traced back to the influential Bauhaus School in Germany. But where did it come from, and how did it shape the landscape of so many areas across the country, including New Jersey? Mid-Century Modern home in South Orange, NJ. Posted By: Dwell :: Photographer: Christopher Testani The Origins of Mid-Century Modern The Mid-Century Modern (MCM) style emerged in the post-World War II era, a time of optimism, economic prosperity, and a housing boom driven by soldiers returning home to start families. Influenced by the Bauhaus movement and Scandinavian modernism, MCM emphasized clean lines, functionality, and a seamless connection to nature. Architects and designers sought to create aesthetically striking yet accessible homes and furniture for the growing middle class. Walter Gropius, founder of the Bauhaus, rose to prominence with his 1911 design for a shoe factory, which used a steel framework and expansive glass elements to create an open, airy space. This innovation set a new standard in modern architecture and led to a wave of commissions. Gropius extended his design principles beyond architecture to furniture, railway sleeping cars, and even diesel locomotives. Over time, Mid-Century design influenced fine art, furniture, lighting, ceramics, advertising, automobiles, and fashion. The Bauhaus led the modernist movement in Europe, but when the Nazi regime shut it down, many of its leaders, including Gropius and his protégé Marcel Breuer, emigrated to the United States, bringing their revolutionary ideas with them. Key figures in the development of Mid-Century Modern architecture include Richard Neutra, who brought European modernist principles to the U.S., and designers like Charles and Ray Eames, Ludwig Mies van der Rohe, and Eero Saarinen, who laid the foundation for American modernism. Frank Lloyd Wright, known as the father of organic architecture, also influenced the movement with his Prairie-Style homes, which harmonized with the surrounding landscape. His "Usonian" style, conceived in the early 20th century, gained recognition in the 1930s and became associated with his vision for city planning and a distinctive architectural style. The 'Case Study House Program' and Its Influence on Architecture Mid-Century Modernism flourished on the West Coast, especially in California, where the mild climate and expansive landscapes provided the ideal setting for the movement’s emphasis on open spaces, natural light, and seamless indoor-outdoor living. Influenced by European modernism, architects like Richard Neutra and Rudolph Schindler found a receptive audience in California’s progressive design culture. One of the most significant contributions to Mid-Century Modern architecture was the Case Study House Program, launched in 1945 by Arts & Architecture magazine’s editor, John Entenza. Entenza envisioned the program as a solution to housing shortages and the anticipated post-WWII building boom. He challenged architects to design homes that were “capable of duplication” rather than individual artistic statements, emphasizing the use of the best materials available and innovative construction solutions. This program is considered one of the most successful modern housing initiatives in history. Leading architects of the era, including Charles and Ray Eames, Richard Neutra, Eero Saarinen, Pierre Koenig, and Raphael Soriano, designed experimental homes using modern materials and techniques. These Case Study Houses, primarily built in Los Angeles, became iconic representations of Mid-Century Modernism, featuring open floor plans, large expanses of glass, and a strong connection between indoor and outdoor spaces. Notable examples include Pierre Koenig’s Stahl House aka Case Study House No. 22 and Charles and Ray Eames’ aka Case Study House No. 8, a pioneering example of modular design. While the program was primarily based on the West Coast, its impact reached beyond California. Case Study House No. 27, proposed for Smoke Rise (now Kinnelon), New Jersey, reflected an effort to expand the program’s scope. Significantly larger than other homes in the series, it highlighted New Jersey’s role in the movement. However, like many designs submitted to the program at the time, it was never built. The Case Study House Program helped cement Mid-Century Modernism as a defining architectural movement, influencing residential design nationwide. While California remained the epicenter of this experimental modernism, its principles spread across the country, including to New Jersey. On the East Coast, architects like Marcel Breuer and members of "The Harvard Five" (Philip Johnson, Landis Gores, Eliot Noyes, and John Johansen) designed modernist homes in New Canaan, Connecticut, using glass, steel, and wood. Their sleek, geometric designs sparked controversy, with critics comparing them to gas stations or packing boxes. As Mid-Century Modern architecture gave way to the suburban developments of the 1970s and the larger "McMansions" of the 1980s, the style temporarily fell out of favor. However, in recent years, it has experienced a dramatic resurgence. Baby Boomers, nostalgic for the homes of their youth, and younger generations drawn to its minimalist aesthetic and functional design, have fueled this revival. Today, original Mid-Century homes, furnishings, and artwork—once overlooked—now command premium prices. Mid-Century Modern in New Jersey: The Architects and Designs That Defined the State New Jersey’s rapid suburban growth after World War II created the ideal environment for architects to experiment with and implement modernist principles. As returning veterans and their families flocked to new communities, the demand for residential housing surged. This period saw the introduction of Mid-Century Modern design elements, including open floor plans, expansive windows, and an emphasis on connecting indoor spaces with nature. One prime example is Carl Koch’s Techbuilt homes in Princeton. These prefabricated modern homes were not only affordable but also embodied the clean lines and functional aesthetics of modernism. At the same time, Bauhaus-trained architect Marcel Breuer introduced residential designs to the region that brought modernist influences into private homes. The modernist movement wasn’t limited to residential design, though. Architects such as Edward Durell Stone, best known for the PNC Bank Arts Center in Holmdel, and Eero Saarinen, who designed the renowned Bell Works complex, also contributed to New Jersey’s architectural landscape. Bell Works, originally created as the headquarters for Bell Labs, became an iconic Mid-Century Modern structure. Its striking doughnut-shaped design and open central atrium embodied Saarinen’s vision for functional, collaborative spaces. The building was designed with a vast open floor plan and ample natural light, encouraging creativity and innovation. Even after the building's role as a research facility ended, Bell Works was preserved and repurposed into a dynamic, mixed-use space. Its preservation allows Saarinen's work to continue to influence architecture and urban development today. PNC Bank Arts Center in Holmdel, NJ. Photo Coutesy of © 2025 Gannett Fleming, Inc PNC Bank Arts Center in Holmdel, NJ. Photo Coutesy of © 2025 Gannett Fleming, Inc Apple TV+’s Severance (2022) uses the eerie, dystopian aesthetic of Bell Works as the perfect backdrop for Lumon Industries—a corporation that surgically divides employees' work and personal memories. Saarinen’s sleek, geometric design, once meant to inspire innovation, takes on an unsettling new role, reinforcing themes of isolation, control, and corporate detachment. The contrast between Bell Works’ vast, open interiors and Lumon’s sterile, windowless hallways deepens the show’s psychological tension, turning a Mid-Century Modern icon into a chilling vision of workplace dystopia. Conversation pit on the ground floor at the formal center of the Bell Works Building. Photo Credit: Connie Zhou Photography.  Scene from "Severance" shot at Bell Works in Holmdel, New Jersey. :: Courtesy of Apple Although most of the show's interior was recreated on soundstages, exterior shots and certain scenes—such as Mark arriving at work and Helly’s brain implant procedure—were filmed on location. :: Courtesy of Apple While male architects dominated much of the Mid-Century Modern scene, female architects like Eleanore Pettersen also played groundbreaking roles. She participated in the prestigious Taliesin Fellowship, an apprenticeship program created by legendary architect Frank Lloyd Wright in 1932, where she gained invaluable mentorship and experience under his expert guidance. As one of the first women licensed as an architect in New Jersey, Pettersen not only established a private practice but also made history by becoming the first female president of the New Jersey Board of Architects and AIA-NJ. Her notable projects include a 15-room home in Saddle River for New Jersey businessman John Alford. The property later gained historical significance when it was sold to Richard Nixon, who moved there from the White House in 1981, further highlighting her expertise in modern design principles. Pettersen’s leadership in the architectural community paved the way for future generations of women in the field, and she received posthumous recognition for her contributions, including the Michael Graves Lifetime Achievement Award.  The southern part of New Jersey also saw notable contributions from architects like Malcolm Wells, who championed sustainable, earth-sheltered homes that blended seamlessly with the landscape. Wells’s focus on environmentally conscious design practices marked him as a pioneer of eco-friendly architecture in the state. Residential designers Abraham Geller and George Nemeny helped bring modernist principles to New Jersey's middle-class housing market. Geller’s work made modernism accessible, while Nemeny emphasized geometric forms and open spaces in both residential and commercial projects, helping solidify the region’s commitment to modernist ideals. An updated mid-century modern home designed by Abraham Geller and George Nemeny in Morristown, NJ. Photo coutesy of Gary Rosard Architect. An updated mid-century modern home designed by Abraham Geller and George Nemeny in Morristown, NJ. Photo coutesy of Gary Rosard Architect. Other architects, like Thaddeus Longsteth, a former apprentice to the renowned Richard Neutra, contributed to the region’s evolution by blending modernist aesthetics with traditional collegiate Gothic styles in his designs. His work shaped suburban developments, particularly in Mercer County, which became a central part of Princeton’s modernist architectural transformation. James Robert Hillier, founder of the respected architectural firm Hillier Architecture, was another important figure. Hillier’s innovative approach to modernist architecture furthered the state’s architectural dialogue, with his projects reflecting the clean, functional lines associated with the Mid-Century Modern movement. He has also been deeply involved with the New Jersey Institute of Technology (NJIT). Hillier’s connection to NJIT is particularly notable through his contributions to the university’s Hillier College of Architecture and Design. Named in recognition of his impact on the field and his philanthropic support, the college stands as a testament to his commitment to shaping the next generation of architects. Through this affiliation, Hillier has played a significant role in curriculum development, mentorship, and fostering a culture of design excellence. His architectural philosophy, which emphasizes both aesthetics and functionality, aligns with NJIT’s mission of equipping students with the technical expertise and creative vision necessary to contribute to the built environment. By supporting NJIT’s architecture program, Hillier has helped ensure that New Jersey remains a center for architectural innovation, reinforcing the state's legacy in modernist and contemporary design. Edward Bowser Jr. was a pioneering mid-century modern architect from East Orange, NJ, and one of the state's first African American architects. His career was defined by both high-end residential projects and a commitment to socially conscious design, particularly in affordable housing. After studying at Rensselaer Polytechnic Institute and completing a prestigious fellowship with, Swiss-French architect, Le Corbusier in France, Bowser returned to the U.S. and established his practice despite facing racial barriers to licensure. His work included notable private homes in South Orange, Montclair, Nutley, and Essex Fells, as well as larger projects like the Medical Arts Building at East Orange General Hospital. One of his most significant contributions was the Kuzuri-Kijiji housing project in East Orange, designed in the early 1970s as an alternative to high-rise public housing. The development, whose name means "beautiful village" in Swahili, provided a sense of community and stability for its residents, but it has since fallen into disrepair. Bowser's work reflected a modernist aesthetic while integrating social ideals, making his contributions both architecturally and culturally significant​. The "State of the Arts" segment on Edward T. Bowser Jr. from PBS Thirteen highlights his pioneering role as one of New Jersey's first African American architects. The video delves into his significant contributions to both residential and affordable housing design, emphasizing his focus on modernist aesthetics and socially conscious architecture. Notably, Bowser's legacy is marked by his work on projects like the Kuzuri-Kijiji housing development, which aimed to create community-centered living spaces. Louis Isadore Kahn, although more famously associated with modernist architecture at a global scale, had a significant influence on New Jersey’s architectural landscape during the mid-20th century. His focus on the interplay between light, space, and material was evident in the state’s growing academic, civic, and residential projects. Notably, his work at institutions like Princeton University helped shape the development of modernist structures that integrated classical elements with innovative, functional design. His approach to monumental, sculptural forms also resonated with local architects, inspiring more robust and expressive modern designs in New Jersey. Peter D. Eisenman, a prominent figure in the Postmodern architectural movement, also made his mark in New Jersey. A graduate of Cornell, Columbia, and Cambridge, Eisenman practiced in New York City and taught at Princeton. He co-founded the Institute for Architecture and Urban Studies and was part of the New York Five, a group that influenced the direction of modern architecture during the 1960s and 1970s. The New York Five, including Eisenman, Richard Meier, Michael Graves, Charles Gwathmey, and John Hejduk, became famous for their minimalist, geometric designs and played a significant role in shaping the Postmodern movement. Eisenman’s work, including his concept of "cardboard architecture," left an indelible mark on architectural thought, and his writings in works such as House X and Houses of Cards further defined the modernist and postmodernist landscape. Richard Meier, born in New Jersey, became known for his minimalist and highly functional designs, such as the Museum of Contemporary Art in Jersey City. Meier’s work embodied the Mid-Century Modern aesthetic, where form, light, and space integration were key principles. Though Meier’s influence wasn’t as widespread in New Jersey as some of his peers, his designs continue to resonate in the region and beyond, influencing both modern residential and commercial spaces. Another key figure, William H. Short, was highly influential as both a professor and administrator at Princeton University, where he chaired the Department of Architecture. Short’s contributions to both education and architectural practice earned him widespread recognition, including a fellowship with the American Institute of Architects (AIA). He worked on several academic and private projects, emphasizing sustainable design and integrating modern principles with traditional styles, which furthered his legacy in shaping modern architecture. David Childs, a senior partner at Skidmore, Owings & Merrill, brought his architectural expertise to New Jersey, though his fame grew primarily through large-scale urban projects like One World Trade Center in New York. Childs’s design philosophy, which combined form with function, significantly influenced New Jersey’s architectural development, as it contributed to the state’s growth as a hub for modern skyscrapers and urban spaces. Fred Wesley Wentworth’s contributions to Mid-Century Modern architecture in New Jersey were pivotal. His clean lines, functional designs, and use of modernist principles helped define the state’s post-World War II architectural landscape. Wentworth’s integration of modern aesthetics with local context shaped both residential and public projects, cementing his importance in New Jersey’s architectural history. Michael Graves, one of the most influential architects of the late 20th century, shaped New Jersey’s Mid-Century Modern landscape. Known for his bold postmodern style, Graves was instrumental in bringing modernist ideas to both residential and commercial projects across the state. His iconic works, such as the Portland Building in Oregon and his New Jersey-based residential designs, combined clean lines with a strong connection to the environment. As a professor at Princeton University, Graves influenced generations of architects and left behind a legacy of thoughtful, contextual design that remains a defining feature of New Jersey’s Mid-Century Modern architecture.  Graves’ impact on New Jersey architecture extended beyond his designs—his influence was also deeply rooted in education and community engagement. In addition to his long tenure as a professor at Princeton University, Graves developed a strong connection with Kean University in Union, NJ where his legacy continues to shape the study of architecture and design. Kean University honored his contributions by establishing the Michael Graves College, which houses its architecture and design programs. This institution reflects his commitment to fostering creativity and innovation in the field, ensuring that future generations of architects carry forward his vision of thoughtful, human-centered design. Through his affiliation with Kean, Graves’ influence on New Jersey’s architectural landscape remains both educational and enduring. These architects along with many others and their groundbreaking projects, helped shape New Jersey’s architectural identity during the Mid-Century Modern era, leaving a lasting impact that continues to influence the state’s design principles today. Notable towns across New Jersey with a rich presence of Mid-Century Modern architecture include Montclair, South Orange, West Orange, Millburn, Maplewood, Morristown, Warren, and Watchung, as well as shore towns like Ocean, Atlantic Highlands, Rumson, and Deal. These areas showcase the style prominently, but the influence of the era extends throughout nearly every town and county in the state, where architects brought modernist principles to suburban communities and tract home developments. The Legacy of Mid-Century Modern Today Despite its mid-20th-century origins, Mid-Century Modern remains highly sought after today. Many of New Jersey’s Mid-Century Modern homes are preserved by homeowners who appreciate their timeless design and connection to nature. Enthusiasts and preservation groups continue to advocate for the recognition and protection of these architectural gems that not many, even the state’s residents, know about.  From the shores of the Jersey Shore to the rolling landscapes of Princeton and Montclair, Mid-Century Modern homes stand as a testament to an era of innovation, optimism, and a deep appreciation for good design. Whether you’re a longtime admirer or just discovering this architectural movement, there’s no denying its enduring charm and influence in New Jersey and beyond.
feature image of Weekly Real Estate Monitor for April 29 - May 3
Weekly Real Estate Monitor for April 29 - May 3
A red-hot economy tends to push interest rates upward, so any signs of cooling in the labor market could suggest a plateauing of mortgage rates for the current week, followed by more sustained declines throughout the rest of the year. In April, the economy saw an addition of 175,000 net new payroll jobs, marking one of the slower monthly job gains since the economy's reopening after the COVID-induced lockdown. Concurrently, the unemployment rate edged up to 3.9%. While the Federal Reserve is exercising caution regarding inflation and delaying rate adjustments, it's likely that 6 to 8 rounds of rate cuts by the end of 2025 could bring interest rates down to levels reminiscent of those pre-COVID. However, significant declines in mortgage rates shouldn't be anticipated due to the substantial federal budget deficit and heavy government borrowing will reduce the funds available for mortgage lending. Despite home sales hovering near 30-year lows last year and maintaining a similar pace in the first quarter of this year, the current population includes 40 million more jobs and 70 million more residents compared to previous years. This implies a substantial pent-up demand from buyers for housing entering the market in the years ahead. High Rates Don't Seem to Have an Impact on Lowering Home Prices Home price increases saw a continued acceleration since February, even as interest rates climbed. Both the S&P CoreLogic Case-Shiller Indices and the Housing Market Index (HMI) by the Federal Housing Finance Agency (FHFA) revealed annual price growth in the 7% range. The Case-Shiller U.S. National Home Price Index, encompassing all nine U.S. census divisions, reported a non-seasonally adjusted 6.4% annual gain in February, up from a 6.0% rise in the previous month.  The FHFA HMI mirrored this movement, rising 1.2% in February, following a 1.0% increase in January, with an annual gain of 7.0%.  Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics, noted, “U.S. house prices rebounded with an increase in February," observing double-digit growth in some areas. The Case-Shiller Indices track matched price pairs for thousands of individual houses, with each index, benchmarked in January 2000 at 100. The current values stand at 312.18 for the National Index and 336.00 and 319.95 for the 10- and 20-City Composites, respectively. FHFA’s HPI, based on home sales financed by Fannie Mae or Freddie Mac, was benchmarked at 100 in January 1991 and currently stands at 423.0 Adjustable Rate Mortgage (ARM) Loans Increasing as Buyers Seek Affordability Increasing interest rates continue to limit mortgage borrowing, as indicated by the Mortgage Bankers Association. Their Market Composite Index, which measures loan application volume, decreased by 2.3% on a seasonally adjusted basis compared to the previous week.  Mike Fratantoni, MBA’s SVP and Chief Economist, commented on the situation, stating, “Inflation remains persistently high, leading markets to anticipate prolonged higher rates, including mortgage rates. This presents a challenge for the housing and mortgage markets, with the 30-year fixed mortgage rate reaching 7.29% last week, the highest level since November 2023. Both purchase and refinance application volumes declined over the week and continue to fall below last year's pace. Notably, the ARM share has reached its highest level for the year at 7.8%. Prospective homebuyers are seeking ways to enhance affordability, and opting for an ARM is one method, given that ARM rates are in the mid-6 percent range for loans with an initial fixed period of 5 years." Weekly Highlights: Listing prices hit a new record high.  Listing prices are maintaining a steady climb above last year's figures. The median listed price marked a 7.3% increase compared to the corresponding week last year.    The number of sellers adjusting their asking prices if they don't receive prompt offers increases. For the fourth consecutive week, the percentage of active listings with price reductions has exceeded last year's levels. In the week ending April 28, 8.0% of active listings experienced a price decrease, marking an increase of 0.8 percentage points compared to last year.   New contracts below 2023 numbers. Apart from the Easter week, the new weekly contract activity in 2024 has consistently fallen behind 2023. In the week ending April 28, there was a 1.9% decrease in new pending contracts compared to the corresponding week last year. High list prices and elevated mortgage rates could be deterring buyers from engaging actively in the market.     Daily Rate Index