NAR: Northeast Existing-Home Sales Flat in October
Year-over-year sales rose in the Northeast, Midwest and South, and decreased in the West.
Year-over-year sales rose in the Northeast, Midwest and South, and decreased in the West.
Real estate firms are on the frontlines of the industry and are seeing firsthand how housing affordability and local economic conditions are impacting their clients.
Market conditions remain constrained, with overall inventory down 5.6% from the previous year.
“Next year is really the year that we will see a measurable increase in sales,” Yun said
“Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth,” said NAR Chief Economist Lawrence Yun.
New York recorded the lowest turnover rate among the top 50 metros, with only around 10 out of every 1,000 homes selling in the first nine months of the year.
The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
As inventory inches up and prices continue to rise, more households are being locked out of homeownership and pushed into rental markets that cannot keep up.
Inventory is matching a five-year high, though it remains below pre-COVID levels.
The region’s current month’s supply of inventory stands at 3.9 months—below the 4-to-6-month range typically associated with a balanced market.
The latest drop, the second month-over-month decline since March, reflects the market's normal cooling heading into fall.
Cash buyers have long been a fixture in the market, but their influence is more pronounced today than in pre-pandemic years.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.