While wages have risen 15.7% in the same time frame, they haven't kept pace with borrowing costs.
In July, inventory saw small gains in some counties, but the market is still tight overall.
The analysis projects substantial traffic growth in the corridor over the next 30 years, due both to proposed development and long-term population trends.
Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing.
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.
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