Heading into 2026, it is clear that inflation is above the Federal Reserve’s 2% goal and the labor market is showing continued signs of weakening...
In announcing his candidacy, Rand stated, “I am a local mayor, where the job is solving problems and getting things done, not playing politics.
In terms of anticipated rate cuts by the Federal Reserve, Yun expects the Fed to cut rates later today (Dec. 10) and will initiate two further rate cuts in 2026.
Yun noted that a key trend going forward is that for-sale inventory has been increasing of late and is expected to continue next year.
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun.
That fact that both sales and home prices continue to increase is an indication of the high demand and low supply that exists throughout the New York metro area and lower Hudson Valley,” said HGAR CEO Lynda Fernandez.
In October, the regional single-family closed median sale price was $706,000, marking an 8.6% year-over-year increase from $650,000 in October 2023.
Housing affordability has been a challenge, but the worst appears to be over,”
The Northeast PHSI expanded 6.5% from last month to 65.6, up 3.3% from September 2023.
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.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
