Market dynamics continue to reflect high competition at the entry level and slower movement in the luxury tier.
Closed sales for all properties edged down 6.0% year-over-year to 3,972 transactions, with single-family home closings down 4.6%.
More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.
Closed sales for all properties edged down 6.0% year-over-year to 3,972 transactions, with single-family home closings down 4.6%.
FARMINGDALE—OneKey MLS recently released its latest regional housing market report, which showed a slight dip in closed sales activity last month while inventory challenges continue to shape conditions across the New York metro area.
In June, median sales prices continued their upward trend for all property types—which include single-family homes, condominiums, and co-ops—rising 6.1% year-over-year to $700,000. The median sales price for single-family homes climbed to $775,000, marking a 6.2% gain. Condominiums saw a 5.1% increase, raising the median to $515,000, while co-op prices rose 7.0% to reach a median of $300,000.
Meanwhile, closed sales for all properties edged down 6.0% year-over-year to 3,972 transactions, with single-family home closings down 4.6% to 2,981, condo closings down 12.9% to 501, and co-op closings easing 6.7% to 490 units.
Inventory remained tight across the region, with the total number of homes for sale declining 5.0% compared to June 2024, leaving 15,582 active listings. The month’s supply of inventory dipped slightly to 3.9 months, underscoring the competitive environment for buyers. New listings posted a modest year-over-year decrease of 1.5%, totaling 6,439 for the month.
“While buyer interest remains strong, the market continues to be defined by limited inventory and affordability pressures,” said Richard Haggerty, CEO of OneKey MLS. “As we move through the remainder of the year, we expect steady demand and gradual price growth to persist as supply continues to lag behind.”
Pending sales activity offered some positive momentum for future closings, with a notable 8.2% annual increase to 4,848 contracts signed in June. However, with fewer new listings coming to market, inventory constraints are likely to continue through the summer.
Editor’s Note: OneKey MLS serves more than 42,000 real estate professionals throughout the New York metropolitan area. OneKey MLS is a subsidiary of the Hudson Gateway Association of Realtors and the Long Island Board of Realtors. To access a complete set of regional market reports, visit marketstats.onekeymls.com.
Market dynamics continue to reflect high competition at the entry level and slower movement in the luxury tier.
More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.
Yun predicted that existing home sales would rise approximately 3% this year, but jump 14% higher in 2025.
Neuhaus, who is a graduate of Mount Saint Mary in Newburgh, noted the long-standing issues with the property, saying, “The obituary for this site was written decades ago. You are bringing this place back to life.”
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