The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
The big winner in terms of property value was Manhattan’s District 10, coming in with $1.182 million for the median property value.
WHITE PLAINS—According to the National Association of Realtors, Congressional District 17, covering northern Westchester, Putnam, Rockland, and southern Dutchess counties, recorded the highest rate of homeownership in the New York Metro Area at 76.6% at the end of 2022. U.S. Congressman Michael Lawler (R) represents the district.
District 18, covering Orange and northern Dutchess counties, was a close second with 67% home ownership, followed by District 16—southern Westchester and the Northern Bronx—at 55.6%. U.S. Congressman Pat Ryan (D) and U.S. Congressman Jamaal Bowman (D) represent those districts, respectively. District 10, represented by U.S. Congressman Daniel Goldman (D), showed 28.8% homeownership in Manhattan, while District 15, covering the northern Bronx, reported just 17.1% homeownership. U.S. Congressman Richie Torres (D) represents that district. The lowest homeownership was in the southern Bronx and northern Manhattan, with just 11.7% of the population owning homes. The district is represented by U.S. Congressman Adriano Espaillat (D).
The big winner in terms of property value was Manhattan’s District 10, coming in with $1.182 million for the median property value. District 16 took second place with a median property value of $634,900, followed by District 13, with $593,700 as its median property value. The northern suburbs of District 17’s median property value was $549,400, while District 16 reported $489,500. District 18 came in with the lowest median property value at $365,300. Still, median property values in all these districts skewed higher than the national median property value of $320,900.
“The data in these reports reflects the fact that the Hudson Valley and New York Metro Area continue to be one of the most desirable locations in the country,” said Lynda Fernandez, Chief Executive Officer of the White Plains-based Hudson Gateway Association of Realtors. “Our association joins NAR in its quest to advocate for current homeowners, as well as support potential homeowners in the goal of achieving the American dream.”
June is National Homeownership Month, which is designed to raise awareness about the benefits of owning a home and the importance of making homeownership more attainable for all Americans.
In terms of median household income, District 17 took the lead at $115,661, followed closely by District 10 with $103,988. District 16 reported a household income of $96,051 and District 18, $87,124. Districts 13 and 15 held the lowest household incomes with $47,855 and $42,090, respectively. Only those two districts fell below the national median household income of $74,755.
Overall, in New York, the real estate industry accounted for $366.6 billion or 17% of the gross state product in 2023. Nationwide, however, the U.S. is facing an underbuilding gap of 5.5 million units, equating to a $4.4 trillion underinvestment in housing. Still, NAR is forging ahead to help Americans achieve home ownership by advocating for various bipartisan tax bills and solutions including the Affordable Housing Credit Improvement Act (S. 1557/H.R. 3238), to encourage creating and preserving affordable housing, and incentivizing home ownership by increasing the $10,000 cap on the state and local tax (SALT) deduction and eliminating the marriage penalty.
HGAR Realtors work with elected officials at the national, state and local levels to enact legislation that supports existing homeowners and helps to create opportunities for future homeowners. In the US Congress, HGAR supports bills like the “More Homes on the Market Act,” which would increase the capital gains exemption for long-time homeowners; encouraging them to bring their homes to market and increase inventory for new homeowners.
In Albany, we support the “First-Time Homebuyers Savings Account;” similar to the NYS 529 for Education, which would, if enacted, allow future homebuyers to put aside money, tax free, to be used as a downpayment on a home. Within its counties, HGAR has successfully helped pass laws affecting the co-op purchase process; making the transaction more transparent for all parties and allowing for more successful sales; frequently to first-time homebuyers.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun.
That fact that both sales and home prices continue to increase is an indication of the high demand and low supply that exists throughout the New York metro area and lower Hudson Valley,” said HGAR CEO Lynda Fernandez.
In October, the regional single-family closed median sale price was $706,000, marking an 8.6% year-over-year increase from $650,000 in October 2023.
“Mortgage rates in Trump’s first term (at 4%) were the good old days. Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.
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