Westchester Home Sales Rise 20% in Year

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The Hudson Gateway Association of Realtors reports  the Westchester County  home sales rose 21% in 2013, its strongest year since the beginning of the real estate recession in 2008-09. Together, Westcheste r(21%), Putnam (17%), Rockland (14%) and Orange (23%) County sales rose 20%.

Inventory in Westchester County declined. The Association comments “it appears the downward direction of inventory results more from classic supply and demand – sales outpacing new supply – than from consumer nervousness about the real estate market.”

Prices are not soaring. The Association says the Westchester median sale price of a single family home rose 3.9% from $587,000 to $610,000. Average price of $812,108 rose 1.4%.

Westchester Condominium median price rose 3.9% to $343,000. Westchester co-ops 1%.

The Hudson Gateway Association of Realtors are optimistic that “moderate growth” in real estate sales will continue in 2014, noting, “steady and affordable mortgage rates” remain available. Mortgage rates have declined to 4.6%, but may go up slightly as the year unfolds. Westchester unemployment has declined to 5.5% by the end of 2013.

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