With the full legislature and governor facing re-election in 2026, HGAR and NYSAR are already preparing for what could be a watershed year for housing policy.
The NYC Rent Guidelines Board voted to approve rent increases of 3% for one-year leases and 4.5% for two-year leases on rent-stabilized apartments.
NAR successfully secured its top five priorities in the final package.
It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months.
In January, existing-home sales in the Northeast fell 5.7% from December to an annual rate of 500,000, up 4.2% from January 2024.
Inventory for almost all property types declined in all regions in January, but Rockland County saw a huge co-op inventory gain of 63.6% and 29.9% for condos.
In the past five years, from 2019 to 2024, the median home price rose by 49.9%.
The highest number of closed sales occurred in Suffolk County with 12,913, followed by Nassau County with 9,748, and Westchester County with 7,127.
Sullivan County’s December sales of single-family homes increased by 49.1%—the highest in the six-county region.
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.
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