Comptroller Levine emphasized that the Adams Administration’s FY26 spending levels, which exceed revenue, and failure to properly budget for known, re-occurring expenses, have led to unusually high budget deficit projections for FY26 and FY27.
The inventory of unsold existing homes slumped 11.5% from the previous month to 1 million at the end of December, or the equivalent of 3.2 months’ supply at the current monthly sales pace.
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.
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.
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