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.
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%.
At $1.3 million, Chinese buyers had the highest average purchase price, with 25% purchasing property in California.
“2023 was a difficult year for Realtors due to high mortgage rates and low housing inventory, which significantly impacted home sales volume,”
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—decreased to 70.8 in May. Year-over-year, pending transactions were down 6.6%.
Only Westchester saw a slight increase in closed sales for single-family homes, with a 4.6% gain.
Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—retreated 0.7% from April.
The big winner in terms of property value was Manhattan’s District 10, coming in with $1.182 million for the median property value.
The New York metro region’s median listing price of $789,000 in May 2024 was 34% higher than in May 2019.
“The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market,” said Lawrence Yun.
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