JULY 23 DAYSIDE–SELL YOUR HOME IN 30 DAYS? WESTCHESTER A SELLER’S MARKET | WHITE PLAINS CITIZENETREPORTER TOPS 5 MILLION VISITS IN A YEAR! 5,566,746 VISITS IN ONE YEAR BY 1,769,260 VISITORS 7,631 VISITORS A DAY! IN AUGUST, 247,700 VISITORS MADE 684,903 VISITS (22,830 DAILY)

ALL 504 HOMEOWNERS GOT THEIR ORIGINAL LISTING PRICE IN JUNE!

CLOSED SINGLE FAMILY HOME SALES DECLINED IN ALL COUNTIES IN REGION.

WESTCHESTER SINGLE FAMILY HOME SALES DOWN 13.3% .

SALES PRICES CONTINUE GETTING HIGHER AND HIGHER AS HOMES NEWLY LISTED BY OWNERS CONTINUE TO DECLINE

MORTGAGE RATES DECLINING BY FALL

WPCNR REALTY REALITY. From Hudson Gateway Association of Realtors (Edited). July 23. 2024:

Sales of single-family homes in Westchester County in June declined by 13.3%, and the median sales price shot up by 12.7% to a new high of $1,031,500. In June 2023, the median price for a single-family home stood at $915,000. In May 2024, the median price reached the previous all-time record of $980,000.

The Westchester condo market also experienced a drop in sales in June at 7.7%, and a 3.3% hike in the median sales price of condos to $511,000. Closed sales declined by 13.0% in the co-op market, however the median sales price grew by 15% to $215,000.

New listings declined for all housing types—condos by 27.4% co-ops by 3.4% and 3.1% fewer single-family home listings. Overall inventory for all property types declined, with co-ops seeing the largest decrease at 27.4%, followed by condos at 18.9% and single-family homes at 17.1%. Months of supply was down 10.3% to just 2.6 months, and pending sales dropped 9.4%.

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%, followed by Putnam and Sullivan counties, which posted the same 16.9% fall-off in sales activity.

Closed sales in the condo markets were down or flat for every market with the exception of the Bronx, which enjoyed a 14.3% increase in sales last month.

However, the Bronx median condo price, after growing 42% in May, fell 18.7% in June to $333,250. Westchester’s condo and co-op median prices increased by about 3.3% and 15%, respectively to $511,000 and $215,000. In Rockland County, the median condo price rose 5.8% to $399,000 and the co-op median rose 5.0% to $126,000.

Inventory of single-family homes plummeted in all areas except Sullivan County, which experienced a 7.2% increase. Putnam County posted the highest for overall pending sales for all property types with a 19.5% increase in June. The only other county to post positive overall pending sales was Sullivan at 2.5%.

Today’s report by the Hudson Gateway Association of Realtors (HGAR), based on data supplied by OneKey® MLS, offers mixed results for the home sales market, which continues to deal with high mortgage rates, low inventory, and strong demand.

Those three market forces are causing prices to continue to rise throughout the region. As the month ended, a number of positive economic reports clearly showed inflation is cooling and analysts are now expecting the Federal Reserve to begin cutting rates by as early as its sessions in September.

The 30-year fixed-rate mortgage averaged 6.92% in June, according to Freddie Mac and ended the month at 6.86%.

“Limited supply and strong demand continue to be the driving forces in our markets right now, particularly for single-family homes,” said HGAR CEO Lynda Fernandez. “We expect lower interest rates and higher levels of inventory to help stabilize pricing and to generate more home sales in future months.”