Westchester County NY Real Estate Blog - Inventory

Today’s Housing Shortfall

Visual of the Week 

Today’s Housing Shortfall

Real estate economists estimate that the market is short by about three million homes — a classic case of demand outpacing supply. While most homeowners are holding onto favorable sub-6% mortgage rates, making new listings scarce, interested buyers are taking creative steps to stay competitive. Many buyers are using strategies like escalation clauses and partial appraisal waivers, acknowledging the challenge of finding the right home amid high prices and rising costs.

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The Presidential Election ‘Bounce Back Effect‘

The Presidential Election ‘Bounce Back Effect‘

Each year, home sales naturally ease up a bit in the fall but during an election year, the slowdown tends to be a bit more pronounced. This year, nearly 23% of first-time buyers are hitting pause until after the election, likely waiting for a clearer view of what’s ahead.

Historical Market Responses:

Home Sales: Home sales typically rebound quickly. With the political uncertainties in the rearview, both buyers and sellers regain confidence, fueling a more active market. Data from the Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) show that home sales increased the year following 9 of the past 11 presidential elections — a…

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More homes just hit the market – and that doesn’t usually happen in the fall.

Visual of the Week 

More homes just hit the market – and that doesn’t usually happen in the fall.

Now might be the perfect time to buy a home. According to Lawrence Yun, Chief Economist at NAR, the current increase in available homes puts buyers in a stronger position with better pricing options. While mortgage rates are slightly higher than last month, they’re expected to dip again by year-end, improving affordability.

In Westchester, inventory typically peaks in spring and summer, and this year, the highest number of new listings came in April, although we had a nice bounce in September. Waiting for lower rates could mean fewer options later, especially as home prices continue to rise due to limited supply. If you’re…

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New Listings Surge. Is Westchester Back on Track?

New Listings Surge.  Is Westchester Back on Track?

The number of newly listed single-family homes in Westchester County surged by 56.8% from August to September. This increase in inventory is seen as a positive development for active homebuyers and those returning to the market, especially as mortgage rates have decreased recently. While August saw a historically low number of new listings YOY — the fewest in over a decade — the more significant trend may be the September increase, which aligns with patterns seen in pre-pandemic years.

Ralph’s Take

The key question is — how will the upward trend of new listings between August and September impact the market this month? Westchester County has typically had a significant drop in new…

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Are ‘Baby Boomers’ Creating Housing Gridlock?

Are ‘Baby Boomers’ Creating Housing Gridlock?

A new report highlights that over half (54%) of Baby Boomer homeowners, aged 55 and older, have no plans to sell their homes, with only 15% considering selling within the next five years. The retention of properties, estimated at around 33 million, affects housing availability for younger generations, such as millennials, who are seeking to buy homes. Concerns among Boomers include 35% worried about finding a suitable home and 34% concerned about affordability.

• Boomers own about 38% of the homes in America.

• 85% do not plan to sell their home next year.

• 54% do not plan on ever selling their home.

• 66% of boomers who never owned a home regret it.

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This Year's Best Opportunity for Buyers

This Year's Best Opportunity for Buyers

Last week I gave local examples of why I expected this fall to be the best time to buy a home in 2024. This week Realtor.com offered their opinion that the best time to buy a home in our metro area is next week. Buyers can expect up to 37% more active listings compared to earlier in the year and potential savings of over $14,000 compared to the summer peak for a median-priced home of $445,000. Here’s their findings for the New York / New Jersey Metro Area:

• The best week to buy is Sept 15th - 21st

• Active Listings vs. Average: +14.0%

• Views per Property vs. Peak: -29.5%

• Days on Market vs. Peak: +13 Days

• Median List Price vs. Peak: - 5.6%

• …

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Is Now the Best Time to Buy in 2024?

Is Now the Best Time to Buy in 2024?

Fall is typically a quiet period for real estate but as we transition into this fall, we could see a shift in the market. Historically, home tours peak in the spring, but with interest rates set to drop in the coming months, experts are predicting we might see buyers and sellers act sooner. This year could bring a unique inversion with buyers actively shopping as mortgage rates hit their lowest levels since May 2023.

• The average 30-year mortgage rate hit a 52-week low today, at 6.27%.

• Buyer traffic is down -1.3% compared to the first week of the year, according to ShowingTime®.

• New Inventory: 103 single-family homes have been listed in Westchester since 9/1. In…

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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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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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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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