Westchester County NY Real Estate Blog - August, 2024

Is The Housing Market Really Stabilizing?

Is The Housing Market Really Stabilizing?

One of the ways to measure the balance between supply and demand in real estate is to use the ‘Months Inventory of Homes for Sale’ metric. It represents the number of months it would take to sell all the homes currently on the market if no new homes were listed.

National: Months’ Supply of Homes for Sale

National View: Inventory is starting to grow, a sign that the market could be starting to balance out. Month’s supply was at 4.0 for July. According to Lawrence Yun, the Chief Economist at the National Association of REALTORS, said this week, “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and…

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How Mortgage Rate Changes Affect Your Purchasing Power

Visual of the Week 

How Mortgage Rate Changes Affect Your Purchasing Power

It’s important to know how mortgage rates can affect your monthly payment. Because even a slight change in rates can have a big impact. Overall, rates have been trending down lately. So, this could be your chance to make your move a reality. Send me a message today if you want to talk about starting your search.

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Restored 1880 Country French Colonial Hits the Market in Katonah

Restored 1880 Country French Colonial Hits the Market in Katonah

Stunning 6,000sf 1880 Country French home in Northern Westchester blends historical elegance with modern luxury. Fully restored, it features a wrap-around veranda, grand foyer, and expansive ballroom with original marble fireplaces. The home includes a Tiffany-adorned library, a chef’s kitchen with Carrera marble, and a luxurious primary suite. The third floor offers six versatile rooms, ideal for an office or au pair suite. Outside, enjoy a stone patio, a Victorian gazebo, and a 1,500 ft. driveway with wrought iron gates, all just minutes from Katonah Village.  Read More

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Record Number of Buyers Back Out of Deals

Record Number of Buyers Back Out of Deals

In July 2024, approximately 59,000 home-purchase agreements were canceled, representing 15.8% of homes that went under contract that month—the highest percentage recorded for any July since Redfin began tracking this data in 2017.

Ralph’s Take

The increase in cancellations is largely driven by high housing costs and growing economic uncertainty, with many buyers reconsidering their decisions amidst fears of a potential recession. The trend was particularly pronounced in Florida and Texas, where the housing markets have cooled significantly post-pandemic.

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8.5% of U.S. Homes are Worth $1 Million or More

8.5% of U.S. Homes are Worth $1 Million or More

A Redfin report reveals that 8.5% of U.S. homes are now valued at $1 million or more, a significant increase driven by limited housing inventory and high mortgage rates. This trend is particularly pronounced in coastal cities, with nearly half of all homes in some California cities reaching the million-dollar mark.

• Increase driven by severe shortage of home inventory

• Nearly 1 in 10 U.S. homes are now valued at $1 million or more

• Million-dollar homes more than doubled since the pandemic

Ralph’s Take

The rise in million-dollar homes reflects growing economic disparities and highlights the increasing difficulty for average buyers to…

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It’s Time to Raise The Bar

It’s Time to Raise The Bar

After ending 2023 with its first annual membership decline since 2012, the National Association of REALTORS® (NAR) anticipates ongoing challenges in retaining members due to reduced business opportunities and the changes from the NAR Settlement. Axios and The Washington Post believe many agents could leave the industry as the new commission rules may impact less experienced agents or those who struggle to justify their fee, leading to natural attrition of less effective agents.

A report by the Consumer Federation of America found,

• 49% of agents reported 0 or only 1 sale a year

• 70% of agents reported 5 or fewer sales a year

• The median number of sales was barely 2 a year

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Mortgage Applications Soared Last Week - Or Did They?

Visual of the Week

Mortgage Applications Soared Last Week - Or Did They? ????

Many news outlets are emphasizing a 'mortgage application surge,' but the true situation is more nuanced. Mortgage purchase applications are down 8% from last year and nearly 50% from pre-pandemic levels, reflecting weak homebuyer demand. Although the seasonally adjusted Purchase Index rose by 3.0% from the previous week, and the unadjusted Index increased by 2.0%, both still lag behind the same week in 2023 by 8.0%. Read More

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Louis C.K. Lists His Restored 1901 Tudor Estate

Louis C.K. Lists His Restored 1901 Tudor Estate

The six-bedroom, 4.5-bath residence features six “meticulously restored” fireplaces, refurbished plaster, and a renovated kitchen with a butler’s pantry and blue-and-white checkerboard flooring. The heating and central AC systems are new. Highlights include formal living and dining rooms, space for an office, and a screened porch. Out back, there’s a new pool and hot tub. The property comes with a deep-water dock that can fit multiple boats. Read More

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July’s Real Estate Statistics for Westchester

July’s Real Estate Statistics for Westchester

New Listings and Median Home Prices had gains across all property types last month while the total amount of homes for sale continued to decline.

• Single-family home sales in Westchester County saw a 6.6% increase in new listings and a 1.6% rise in closed sales, with the median sales price up 6.3% to $1,010,000.

• Condos experienced strong growth, with new listings up 18.5%, closed sales up 30.5%, and a 16.7% increase in the median sales price to $525,000.

• Cooperatives had mixed results, with new listings up 18.4%, but closed sales down 10%, while the median sales price rose slightly by 1.9% to $214,000.

Ralph’s Take

It’s…

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Where the Market Is Heading by Year-End

Where the Market Is Heading by Year-End

Realtor.com® 2024 Forecast Update predicts that home prices and inventory will end the year with gains. Inventory is expected to grow as sellers remain patient, waiting for buyers rather than delisting. Despite high mortgage rates, median home prices are forecasted to rise due to a resilient economy and limited supply. The mortgage lock-in effect is easing, contributing to the inventory increase, while mortgage rates are expected to decrease slightly, potentially boosting homebuyer activity in the latter half of the year.

Additional Projected Points:

• Lower Rates Finally Arrive: Mortgage rates to average 6.3% by end of the year

• Home Sale Prices Continue to Climb:…

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