The region’s housing crisis has become a commercial real estate constraint. Limited housing availability affects workforce retention, which in turn impacts employers’ willingness to expand or relocate.
Due to low supply, the median home price reached a new high for the month of January.
He currently serves on the OneKey MLS Board of Managers and has held prominent leadership roles, including 2022 President of the Hudson Gateway Association of Realtors.
Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West.
WASHINGTON—Pending home sales increased by 1.8% in May from the prior month and 1.1% year-over-year, according to the National Association of Realtors Pending Home Sales report released earlier today (June 26.)
All four U.S. regions experienced month-over-month increases—most notably the West. Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West.
“Consistent job gains and rising wages are modestly helping the housing market,” said NAR Chief Economist Lawrence Yun. “Hourly wages are increasing faster than home prices. However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains.”
Regarding regional differences, Yun added, “The Northeast's housing shortage is boosting home prices, with more than a quarter of homes selling above list price. Conversely, more inventory in the South gives home buyers greater negotiation power. Price declines in the South should be considered temporary given the region's strong job creation.”
2.1% month-over-month increase.
0.5% year-over-year decrease.
0.3% month-over-month increase.
2.6% year-over-year increase.
1.0% month-over-month increase.
2.0% year-over-year increase.
6.0% month-over-month increase.
1.2% year-over-year decrease.
Due to low supply, the median home price reached a new high for the month of January.
He currently serves on the OneKey MLS Board of Managers and has held prominent leadership roles, including 2022 President of the Hudson Gateway Association of Realtors.
Garafalo was the president of the Orange County Association of Realtors in 2011 and the Hudson Gateway Association of Realtors in 2019.
Putnam County, home to Carmel and Southeast, came out on top with a 15.6% increase in home sales from 2024.
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