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 One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy.
Real estate does not thrive in uncertainty. It thrives in predictability. Buyers want to know what the future holds for taxes, schools, infrastructure, interest rates and public safety.
Existing-home sales in the Northeast in August faded 2.0% from July to an annual rate of 480,000, which was identical to August 2023.
Sales of single-family homes declined in all six areas, with the Bronx experiencing the largest decline at 18.5%, followed by Rockland County with a 10.6% drop.
In terms of transaction volumes, closed sales for single-family homes, condominiums, and co-ops were all down 8.7% regionwide from last year.
The Northeast PHSI waned 1.4% from last month to 64.6, an increase of 2.4% from July 2023.
When looking at transaction volumes, closed sales for single-family homes and condominiums were both up compared to last year, while co-op sales saw a decline.
“Home sales are increasing throughout our region as a result of more properties being listed for sale, reflecting the strong demand that currently exists in the Hudson Valley,” said HGAR CEO Lynda Fernandez.
Existing-home sales in the Northeast in July climbed 4.3% from June to an annual rate of 490,000, an increase of 2.1% from July 2023.
Realtor.com has seen substantial improvement in inventory in the first half of 2024, climbing by more than 35% on a year-over-year basis.
Two market areas that make up the New York metro region—New York-Jersey City-White Plains, NY-NJ (No. 7) and Dutchess County-Putnam County, NY (No. 9)—ranked among the top 10 metro areas for price increases in the second quarter.
The Northeast PHSI rose 3.0% from last month to 65.5, a decline of 0.3% from June 2023.
Existing-home sales in the Northeast in June withdrew 2.1% from May to an annual rate of 470,000, a decline of 6% from June 2023.
Sales were down in all counties in the Hudson Gateway Association of Realtors market area, with Orange County posting the largest decline in single-family home sales at 26.9%.
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