Gov. Hochul Gets It: A State of the State That Moves New York Forward—Faster, Smarter and More Competitively
Perhaps the most impactful element of the governor’s State of the State is her direct confrontation with regulatory delay.
“The housing sector is not out of the woods yet,” said NAR Chief Economist Lawrence Yun.
Single-family homes led the market with 3,229 closed sales, reflecting a 1.4% increase over the previous year.
2025 was another tough year for homebuyers, marked by record-high home prices and historically low home sales.
Homebuyer momentum is building. The data shows the strongest performance of the year after accounting for seasonal factors, and the best performance in nearly three years, dating back to February 2023.
Pending sales, especially the 5% jump across all property types, show buyers gaining confidence.
Wage growth is outpacing home price gains, which improves housing affordability. Still, future affordability could be hampered if housing supply fails to keep pace with demand.
Job gains in September, following the data blackout, are reassuring and suggest the economy is not slipping into a recession.
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.
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.