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 changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” said NAR Chief Economist Lawrence Yun.
New listings of single-family homes rose in the Bronx, Westchester, Putnam, and Orange counties, while pending sales for all property types increased in every region except Rockland and Orange counties.
New York City and the Hudson Valley continue to be among the most desirable locations in the nation, so it’s no surprise that inventory is at a premium and home prices are reflecting that.
Compared to one year ago, the national median single-family existing-home price climbed 5% to $389,400. In the prior quarter, the year-over-year national median price increased 3.4%.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—increased to 78.2 in March.
Existing-home sales in the Northeast climbed 4.2% from February to an annual rate of 500,000 in March, ending a four-month streak where sales in the Northeast registered 480,000 units
Today’s report by the Hudson Gateway Association of Realtors, based on data supplied by OneKey MLS, also indicates inventory levels declined among all property types in all regions.
The Northeast PHSI decreased 0.3% from last month to 63.4, a decline of 9.0% from February 2023.
According to the Realtor.com report, the New York-Newark-Jersey City, NY-NJ-PA market posted a median rent of $2,852 in February, as compared to the Monthly Buy Cost of $4,995, for a savings of $2,143 and a 75% cost difference.
There were 426 closed sales transactions and 610 pending sales transactions reported for condos in February 2024, representing a 12.4% increase in closed sales transactions and a 23.0% increase in pending sales transactions.
Westchester County experienced a slight increase in home sales by just 1.7% in February, along with an almost 14% increase in home prices, with a median of $831,250.
At 480,000 units, existing-home sales in the Northeast were identical to January but down 7.7% from February 2023. It's the fourth consecutive month that home sales in the Northeast registered 480,000 units.
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