On June 12, the Zoning Board of Appeals rejected an application for a height variance on the project by a 4-0 vote.
The significant shelter component, comprising more than one-third of the measure's weight, increased by 3.9%. If shelter inflation were to ease to 2% or even 3%, overall inflation would already be at a comfort point for the Federal Reserve.
Small investors purchased 361,900 homes in 2024, a 3.7% year-over-year increase, while large investor purchases decreased by 8.7% to 132,500 homes, the lowest level since 2018.
Small investors purchased 361,900 homes in 2024, a 3.7% year-over-year increase, while large investor purchases decreased by 8.7% to 132,500 homes, the lowest level since 2018.
“At this critical stage of the housing market, it is all about mortgage rates,” said NAR Chief Economist Lawrence Yun.
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.
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