While wages have risen 15.7% in the same time frame, they haven't kept pace with borrowing costs.
In July, inventory saw small gains in some counties, but the market is still tight overall.
The analysis projects substantial traffic growth in the corridor over the next 30 years, due both to proposed development and long-term population trends.
Housing costs in New York City and the surrounding suburbs have grown more than 68% over the last decade, the largest increase among selected major metropolitan areas in the U.S.
The Northeast, Midwest and West posted monthly gains in transactions while the South recorded a loss. All four U.S. regions registered year-over-year declines in transactions.
WASHINGTON—Existing-home sales grew in November, breaking a streak of five consecutive monthly declines, according to data released on Dec.
NAR sees green shoots and predicts an improving market in 2024, with four rate cuts to calm inflation and settle mortgage rates near 6%.
Although each has a unique view, all agree the residential real estate market in the Hudson Gateway Association of Realtors market area will improve in 2024.
Pending home sales dropped 1.5% in October, the lowest level since NAR started tracking pending sales more than 20 years ago. But a turnaround could be sight.
Existing home sales fell year over year all over the United States, down 14.6% to a seasonally adjusted rate of 3.79 million completed transactions that include single-family homes, townhomes, condominiums and co-ops.
Among the major U.S. regions, the South saw the largest share of single-family existing-home sales (46%) in the third quarter, with year-over-year price appreciation of 1.7%. Prices also grew 5.3% in the Northeast, 5.2% in the Midwest and 0.6% in the West.
WASHINGTON—Pending home sales rose 1.1% in September, according to the National Association of Realtors. The Northeast, Midwest and
National Association of REALTORS® Chief Economist Lawrence Yun believes that better times are ahead for the real estate market in 2024.
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