“The top driver of our affordability crisis is the rising cost of rent and mortgages, and New Yorkers need our help.”
Incoming HGAR President Sejdi is an Associate Broker with HomeSmart Homes & Estates in White Plains. She served as President-Elect in 2024, Secretary in 2023, and Regional Director for Westchester County in 2022.
Rates at 6% are the new normal, and from a historical perspective they’re completely fine, especially given the strength of the economy and inflation adjusted wage gains over the past few years.
The Midwest, South and West experienced month-over-month gains in transactions, while the Northeast decreased.
“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
Yun noted that a key trend going forward is that for-sale inventory has been increasing of late and is expected to continue next year.
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun.
That fact that both sales and home prices continue to increase is an indication of the high demand and low supply that exists throughout the New York metro area and lower Hudson Valley,” said HGAR CEO Lynda Fernandez.
In October, the regional single-family closed median sale price was $706,000, marking an 8.6% year-over-year increase from $650,000 in October 2023.
Housing affordability has been a challenge, but the worst appears to be over,”
The Northeast PHSI expanded 6.5% from last month to 65.6, up 3.3% from September 2023.
Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing.
While Westchester still showed the highest median in the region, it did fall from a record high of $1.118 million in August to $905,051 in September.
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