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In terms of transaction volumes, closed sales for single-family homes, condominiums, and co-ops were all down 8.7% regionwide from last year.
The Northeast PHSI waned 1.4% from last month to 64.6, an increase of 2.4% from July 2023.
When looking at transaction volumes, closed sales for single-family homes and condominiums were both up compared to last year, while co-op sales saw a decline.
“Home sales are increasing throughout our region as a result of more properties being listed for sale, reflecting the strong demand that currently exists in the Hudson Valley,” said HGAR CEO Lynda Fernandez.
Existing-home sales in the Northeast in July climbed 4.3% from June to an annual rate of 490,000, an increase of 2.1% from July 2023.
Realtor.com has seen substantial improvement in inventory in the first half of 2024, climbing by more than 35% on a year-over-year basis.
Two market areas that make up the New York metro region—New York-Jersey City-White Plains, NY-NJ (No. 7) and Dutchess County-Putnam County, NY (No. 9)—ranked among the top 10 metro areas for price increases in the second quarter.
The Northeast PHSI rose 3.0% from last month to 65.5, a decline of 0.3% from June 2023.
Existing-home sales in the Northeast in June withdrew 2.1% from May to an annual rate of 470,000, a decline of 6% from June 2023.
Sales were down in all counties in the Hudson Gateway Association of Realtors market area, with Orange County posting the largest decline in single-family home sales at 26.9%.
At $1.3 million, Chinese buyers had the highest average purchase price, with 25% purchasing property in California.
“2023 was a difficult year for Realtors due to high mortgage rates and low housing inventory, which significantly impacted home sales volume,”
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