NAR: Northeast Existing-Home Sales Spiked by 8.5% in November; Prices Rose Nearly 10%
“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
Yun noted that a key trend going forward is that for-sale inventory has been increasing of late and is expected to continue next year.
Fernandez, who has served as HGAR’s CEO since September 2023, was among three award winners. She joined HGAR after having served as CEO of the Greater Louisville Association of Realtors.
Overall buyers and sellers should expect to see a more balanced market in 2025, which will require some give and take on both sides.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
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.
“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%.
New York City remains a top market for investment for international groups.
Some of the highlights of the two-day event included the selection of 2024 HGAR award winners, including Realtor of the Year Tony D’Anzica and Affiliate of the Year Richard Haggerty.
While Westchester still showed the highest median in the region, it did fall from a record high of $1.118 million in August to $905,051 in September.
CID President John Barrett prophetically related, “His legacy and leadership will be evident in this town 100 years from now.”
“If approved (by the court) on Nov. 26, we can finally put this in our rearview mirror,” Sears said.
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