The refinance share of mortgage activity decreased to 55.6% of total applications from 57.0% the previous week.
The plan is expected to produce roughly 4,350 income-restricted homes—enough to house more than 10,000 New Yorkers.
While environmental groups praised the law, natural gas and construction and home building trades organizations, including the New York State Builders Association and the AFL-CIO— railed against the all-electric mandate and filed a federal lawsuit to block the legislation from going into effect.
Closed sales for all properties edged down 6.0% year-over-year to 3,972 transactions, with single-family home closings down 4.6%.
More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.
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).
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.
