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.
Yun predicted that existing home sales would rise approximately 3% this year, but jump 14% higher in 2025.
Notably, big cities New York (71.7%), Boston (72%), and Chicago (72.6%) joined the top 10 metros with the highest out-of-market search rates.
The Dashboard also includes forward-looking analysis on how many households could qualify to buy a median-priced home if mortgage rates fall to 6%.
Due to stubbornly high mortgage rates, a greater share of international home buyers paid cash—47% compared to 28% among all buyers.
Leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
The report noted that in Westchester County, the luxury segment remains particularly strong, with significant buyer activity in the $2-million-and-above category.
Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West.
San Diego, San Jose, New York, and Boston also saw affordability ratios well above 60%.
The median price of a single-family home in Westchester rose to $999,000 in May, up 2% from a year ago, underscoring just how resilient demand remains.
The median existing-home price for all housing types was up 1.3% to $422,800 from one year ago ($417,200).
New listings for single-family homes increased by 3.8% compared to last May, with 5,801 homes hitting the market in May alone.
Small investors purchased 361,900 homes in 2024, a 3.7% year-over-year increase, while large investor purchases decreased by 8.7% to 132,500 homes, the lowest level since 2018.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
