With the full legislature and governor facing re-election in 2026, HGAR and NYSAR are already preparing for what could be a watershed year for housing policy.
The NYC Rent Guidelines Board voted to approve rent increases of 3% for one-year leases and 4.5% for two-year leases on rent-stabilized apartments.
NAR successfully secured its top five priorities in the final package.
Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West.
San Diego, San Jose, New York, and Boston also saw affordability ratios well above 60%.
The median price of a single-family home in Westchester rose to $999,000 in May, up 2% from a year ago, underscoring just how resilient demand remains.
The median existing-home price for all housing types was up 1.3% to $422,800 from one year ago ($417,200).
New listings for single-family homes increased by 3.8% compared to last May, with 5,801 homes hitting the market in May alone.
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.
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