The SALT deduction cap is quadrupled from $10,000 to $40,000 for households earning under $500,000. However, the bill does not eliminate the marriage penalty.
In April, existing-home sales in the Northeast fell 2.0% from March to an annual rate of 480,000, identical to April 2024.
Across several counties, April brought a surge of new interest, particularly in the Bronx, Rockland, and Putnam counties
In April, existing-home sales in the Northeast fell 2.0% from March to an annual rate of 480,000, identical to April 2024.
Across several counties, April brought a surge of new interest, particularly in the Bronx, Rockland, and Putnam counties
The decline in single-family housing starts in April mirrors builder sentiment, as elevated interest rates, uncertainty on the tariff front and rising construction costs are exacerbating housing affordability challenges.
Despite being home to millions and some of the strongest local economies, Los Angeles, CA; Oxnard, CA; San Diego, CA; New York, NY and Spokane, WA are among the furthest from housing-supply balance.
In the first quarter, the Northeast performed best in both sales and price gains by percentage.
The average mortgage rate was 6.65% in March, down from a 6.96% average in January and down from a 6.84% average in February.
Total housing inventory registered at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago (1.11 million).
Median sales prices of single-family homes throughout the Bronx and lower Hudson Valley all saw gains, with Sullivan County at an 18.3% hike from last year’s $299,998 to $335,000.
Westchester County consistently leads the market with the highest median sale prices, peaking at $1,031,500 in June 2024 before settling at $860,000 in March 2025.
Looking ahead, the second quarter of 2025 is expected to bring a modest increase in listing activity as would-be sellers grow more comfortable with the new normal of interest rates and recalibrated expectations.
The top remodeling projects that Realtors recommend sellers complete before listing their homes include painting the entire home (50%), painting a single interior room (41%) and installing new roofing (37%).
The report revealed that 24% of recent home buyers were purchasing for the first time, a significant drop from 32% last year.
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