Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
“Over the past two years, it has been an extraordinary privilege to serve this remarkable association and its dedicated members. Together, we have made significant strides to strengthen HGAR’s foundation and prepare it for the future…”
Thank you to the following Members who are leading the way in the 2025 RPAC campaign
Home prices have been rising faster in the Midwest, due to affordability, and the Northeast, due to limited inventory.
WASHINGTON—Seventy-five percent of metro markets (170 out of 228) registered home price gains in the second quarter of 2025, according to the National Association of Realtors' Metropolitan Median Area Prices and Affordability and Housing Affordability Index. This is down from 83% in the first quarter. Five percent of metro areas recorded double-digit price gains in the second quarter, down from 11% in the first quarter of 2025.
The national median single-family existing-home price grew 1.7% year-over-year to $429,400—a record high. In the first quarter, the national median price increased 3.4% year-over-year.
(year-over-year change)
Northeast: $527,200 (+6.1%)
Midwest: $328,800 (+3.5%)
West: $646,100 (+0.6%)
South: $376,300 (No change)
“Home prices have been rising faster in the Midwest, due to affordability, and the Northeast, due to limited inventory,” said NAR Chief Economist Lawrence Yun. “The South region – especially Florida and Texas – is experiencing a price correction due to the increase in new home construction in recent years.”
“Home sales and the homeownership rate are underperforming relative to job growth,” added Yun. “There have been over 7 million net job additions compared to the pre-COVID peak. However, elevated mortgage rates have kept home sales below pre-COVID levels. The homeownership rate has fallen by a full percentage point since early 2023. If interest rates decline, the strongest release of pent-up housing demand is likely to occur in states with significant job growth in recent years, such as Idaho, Utah, the Carolinas, Florida, and Texas.”
Toledo, OH (10.5%)
Jackson, MS (10.5%)
Nassau County-Suffolk County, NY (9.6%)
New Haven-Milford, CT (9.0%)
Reading, PA (8.3%)
Springfield, MO (8.2%)
Akron, OH (8.1%)
Montgomery, AL (7.9%)
Cleveland-Elyria, OH (7.8%)
Rochester, NY (7.8%)
San Jose-Sunnyvale-Santa Clara, CA ($2,138,000; 6.5%)
Anaheim-Santa Ana-Irvine, CA ($1,431,500; -0.4%)
San Francisco-Oakland-Hayward, CA ($1,426,000; -1.6%)
Urban Honolulu, HI ($1,148,600; 4.3%)
San Diego-Carlsbad, CA ($1,025,000; -2.4%)
Salinas-Monterey, CA ($978,400; -5.5%)
Oxnard-Thousand Oaks-Ventura, CA ($958,100; 3.3%)
San Luis Obispo-Paso Robles, CA ($928,000; 3.7%)
Los Angeles-Long Beach-Glendale, CA ($879,900; 2.9%)
Boulder, CO ($859,500; -3.2%).
Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
“Over the past two years, it has been an extraordinary privilege to serve this remarkable association and its dedicated members. Together, we have made significant strides to strengthen HGAR’s foundation and prepare it for the future…”
Built in 2016, Quarry Place features 61 one- and 47 two-bedroom units with condo-quality finishes and an average unit size of 977 square feet.
The Armory was designated as a New York City Landmark in 1974 and placed on the National Register for Historic Places list in 1982.
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