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.
A key data point will be the CPI reaching its 2% target. The latest CPI number for February was 3.1%.
The New York-Newark-Jersey City, NY, NJ-PA market posted a median listing price in February of $750,000 up 10.2% year-over-year.
The Northeast PHSI increased 0.8% from last month to 63.6, a decline of 5.5% from January 2023.
As the spring selling season approaches, the region’s home sales sector is bolstered by a noticeable increase in pending sales throughout the region.
For single-family homes, there were reportedly 2,591 closed sales transactions and 2,424 pending sales transactions in January, representing a 5.0% decrease in closed sales
Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Black (26%) and Hispanic (22%) applicants experience higher denial rates for mortgage applications compared to their White (16%) and Asian (15%) counterparts,
Among the major U.S. regions, the South posted the largest share of single-family existing-home sales (45%) in the fourth quarter, with year-over-year price appreciation of 3.2%. Prices also climbed 7.3% in the Northeast, 4.7% in the Midwest and 4.2% in the West.
Closed sales transactions decreased 15.00% in December 2023 in a year-over-year comparison from 3,270 in December 2022 to 4,406 in December 2023.
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said NAR Chief Economist Lawrence Yun.
Prices continued to rise to close out 2023, with the median sales price of homes in New York State rising 10.1% to $380,000 last month.
The inventory of unsold existing homes slumped 11.5% from the previous month to 1 million at the end of December, or the equivalent of 3.2 months’ supply at the current monthly sales pace.
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