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The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—decreased to 70.8 in May. Year-over-year, pending transactions were down 6.6%.
Only Westchester saw a slight increase in closed sales for single-family homes, with a 4.6% gain.
Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—retreated 0.7% from April.
The big winner in terms of property value was Manhattan’s District 10, coming in with $1.182 million for the median property value.
The New York metro region’s median listing price of $789,000 in May 2024 was 34% higher than in May 2019.
“The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market,” said Lawrence Yun.
“Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” said NAR Chief Economist Lawrence Yun.
New listings of single-family homes rose in the Bronx, Westchester, Putnam, and Orange counties, while pending sales for all property types increased in every region except Rockland and Orange counties.
New York City and the Hudson Valley continue to be among the most desirable locations in the nation, so it’s no surprise that inventory is at a premium and home prices are reflecting that.
Compared to one year ago, the national median single-family existing-home price climbed 5% to $389,400. In the prior quarter, the year-over-year national median price increased 3.4%.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—increased to 78.2 in March.
Existing-home sales in the Northeast climbed 4.2% from February to an annual rate of 500,000 in March, ending a four-month streak where sales in the Northeast registered 480,000 units
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