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While Westchester still showed the highest median in the region, it did fall from a record high of $1.118 million in August to $905,051 in September.
The growing number of closed sales is concentrated in the lower end of the luxury market.
The Northeast PHSI diminished 4.6% from last month to 61.6, a drop of 2.2% from August 2023.
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.
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