Barrett was president of the Putnam County Association of Realtors in 2008, a year before PCAR’s merger with the Westchester County Board of Realtors.
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Today’s report by the Hudson Gateway Association of Realtors, based on data supplied by OneKey MLS, also indicates inventory levels declined among all property types in all regions.
The Northeast PHSI decreased 0.3% from last month to 63.4, a decline of 9.0% from February 2023.
According to the Realtor.com report, the New York-Newark-Jersey City, NY-NJ-PA market posted a median rent of $2,852 in February, as compared to the Monthly Buy Cost of $4,995, for a savings of $2,143 and a 75% cost difference.
There were 426 closed sales transactions and 610 pending sales transactions reported for condos in February 2024, representing a 12.4% increase in closed sales transactions and a 23.0% increase in pending sales transactions.
Westchester County experienced a slight increase in home sales by just 1.7% in February, along with an almost 14% increase in home prices, with a median of $831,250.
At 480,000 units, existing-home sales in the Northeast were identical to January but down 7.7% from February 2023. It's the fourth consecutive month that home sales in the Northeast registered 480,000 units.
A key data point will be the CPI reaching its 2% target. The latest CPI number for February was 3.1%.
The New York-Newark-Jersey City, NY, NJ-PA market posted a median listing price in February of $750,000 up 10.2% year-over-year.
The Northeast PHSI increased 0.8% from last month to 63.6, a decline of 5.5% from January 2023.
As the spring selling season approaches, the region’s home sales sector is bolstered by a noticeable increase in pending sales throughout the region.
For single-family homes, there were reportedly 2,591 closed sales transactions and 2,424 pending sales transactions in January, representing a 5.0% decrease in closed sales
Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
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