Home Prices Soar, Setting a New Westchester Record
According to the Hudson Gateway Association of Realtors (HGAR), the median sales price for single-family homes saw a notable increase across nearly all regions in June, despite a drop in sales volume. Westchester hit a new record high for the median single-family home price at $1,031,500 in June—a 12.7% increase over last year’s median home price of $915,000. Here's the highlights of the report:
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Sales Decline: All counties in the HGAR market area saw a drop in sales, with Orange County experiencing the largest decline at 26.9%.
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Price Increase: Median sale prices rose sharply, reflecting higher demand than available home inventory.
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Regional Variations: While the overall trend was positive for home prices, the specific impact varied by region, with some areas experiencing more pronounced changes than others.
Focus on Westchester: Inventory dropped across all housing types compared to June of last year (single-family homes by 3.1%, condos by 27.4%, and co-ops by 3.4%), while the median sales price surged (single-family homes by 12.7%, condominiums by 3.3%, and cooperatives by 15%).
Ralph’s Take
Our market continues to be impacted by historically low supply. As mortgage interest rates decrease, I anticipate inventory will increase, helping to stabilize values and boost the number of home sales to a healthier level.
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