The report revealed that 24% of recent home buyers were purchasing for the first time, a significant drop from 32% last year.
The award honors high-achieving real estate individuals for their trust, professionalism and service to buyers and/or sellers during the past year.
Before joining Hudson United Title, she was a top producer at Great American Title Insurance Agency and held a distinguished tenure as Vice President at Fidelity National Title Insurance Company.
Contract activity fell more sharply in the high-priced regions of the Northeast and West, where elevated mortgage rates have appreciably cut affordability.
U.S. Existing-Home Sales Rose 2.2% in December
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.
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