NY Metro Home Prices Rose 18% In The 1st Quarter Of 2024: Report
HUDSON VALLEY, NY — Home prices in the New York metropolitan area, including Westchester County, saw significant growth in the first quarter of 2024, according to the National Association of Realtors’ latest quarterly report. Compared to one year ago, the median price for all residential property types in the New York metro area climbed by 18.4 percent to $663,100."In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand," said National Association of Realtors' Chief Economist Lawrence Yun. The New York metro area ranked within the top 10 in the country for price gains, the report said.That's because location continues to be important, and the Hudson Valley and New York City continue to be desirable, said Lynda Fernandez, CEO of the Hudson Gateway Association of Realtors. "It’s no surprise that inventory is at a premium and home prices are reflecting that," Fernandez said.SEE: Hudson Valley Home Prices Continue to Soar: 'Difficult Challenges'HGAR reported:At the end of the third quarter of 2023, Westchester County experienced a 12.9% hike in sales prices for single-family, condos and co-ops, bringing the overall median price to $630,000. Closed sales decreased by 9.6%, followed by new listings at a4.3% decline. Pending sales were up 17.2%. Because home sale prices remain high in the county,Westchester’s affordability index was down by 15.7%. As of the end of the first quarter, Westchesterhad a 2.3-month supply of homes, which is down 20.7% from last year.Westchester, Rockland and Sullivan counties saw prices rise more than 14 percent from February 2023 to February 2024, HGAR reported.Among the major U.S. regions, home prices swelled year-over-year 11 percent in the Northeast, 7.4 percent in the Midwest, 7.3 percent in the West, and 3.3 percent in the South, the NAR report said. The national median single-family existing-home price climbed 5 percent from one year ago to $389,400. “Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” Yun said. The 30-year fixed mortgage rate ranged from 6.60 percent to 6.94 percent, the report said.Home prices in Hudson Valley have been rising while inventory levels continue to drop. That is something Fernandez hopes will change soon."Based on pending sales in our region, we’re looking forward to an exciting Spring and Summer market, where we’re predicting that the market will open up a bit more offering additional properties for sale," she said.The article NY Metro Home Prices Rose 18% In The 1st Quarter Of 2024: Report appeared first on New City, NY Patch.
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