The Hudson Gateway Association of REALTORS® and OneKey MLS, both based in the Hudson Valley area of New York state, have announced they’ve published a Q2 2023 market report. The data, provided by OneKey MLS, tracks year-over-year residential market changes across the six counties the two institutions service: Bronx, Orange, Putnam, Rockland, Sullivan, Westchester. “Residential” accounts for multiple property types: single-family and multi-family homes, cooperatives, and condos
Key details:
- Comparing June 2022 to 2023, residential sales dropped across all six counties. From largest to smallest drops:
- Sullivan: -26.9%
- Westchester: -26.8%
- Bronx: -20.3%
- Orange: -19.7%
- Putnam: -19.5%
- Rockland: -19%
- Median sale prices for single-family homes generally saw slight increases, both quarter over quarter and year over year.
- Sullivan: median sales price of $280,000, quarterly increase of +7.7%.
- Putnam: median sales price of $492,500, quarterly increase of +2.6%.
- Rockland: median sales price of $652,000, quarterly increase of +1.1% increase.
- Orange: median sales price of $415,655, quarterly increase of +0.2%.
- Bronx: median sales price of $602,000, quarterly decline of -2.9%.
- Westchester: median sales price of $846,500, quarterly decline of -4.4%.
- Inventory saw a decline across all counties and property types:
- Putnam: -65.2% decline.
- Westchester: -31.4% decline.
- Bronx: -29.6%
- Orange: -29.6% decline.
- Rockland: -26.7% decline.
- Sullivan: -13.3% decline.
- Average days on the market for single-family homes in HGAR counties generally saw noticeable year-over-year increases—with one exception:
- Putnam: 70 days, +54.5%.
- Rockland: 43 days, +47.6%.
- Orange: 61 days, +27.7%.
- Bronx: 80 days, +21.6%.
- Westchester: 42 days, + 21.3%.
- Sullivan: 70 days, -3.5%.
The takeaway:
The report states that despite a strong regional economy in the Hudson Valley, the local real estate market could still be belied by national economic trends. Specific citations are the Federal Reserve’s likely intent to raise interest rates again before the end of 2023 and the Mortgage Bankers Association’s report of increased rates.
HGAR/OneKey quotes NAR Chief Economist Lawrence Yun for an expert perspective: “The weaker job market combined with decelerating wage growth and calming consumer price inflation are clear indications for the Federal Reserve to stop raising interest rates. The American dream of homeownership has been a challenge for younger adults. High mortgage rates, along with the lack of housing inventory, have been the main hindrance. More effort should be directed toward raising the housing supply by focusing on worker training in home building and lessening barriers to construction so that once interest rates decline, there will not be a resurgence of rapid home price growth.”
To read the full report, visit https://www.hgar.com/resources/market-data.
