Q2 Westchester County Market Report

The U.S. housing market was cooler than expected in the second quarter, as ongoing affordability challenges continue to impact sales activity. Average 30-year mortgage rates hovered around 7% and sales prices reached new heights nationwide, causing existing-home sales to slump. If there’s a silver lining, it’s that a wave of new listings has hit the market in recent months, with inventory up significantly from last year.

• Single-Family Closed Sales were down 0.8 percent to 1,187. • Condos Closed Sales were up 9.4 percent to 350.

• Co-ops Closed Sales were down 10.6 percent to 386.

• Single-Family Median Sales Price increased 14.1 percent to $970,000. • Condos Median Sales Price increased 5.7 percent to $499,500.

• Co-ops Median Sales Price increased 9.5 percent to $202,500.

Experts believe inventory will continue to increase in the months ahead, giving buyers additional options in their home search. However, the boost in supply may not be enough to lure some folks back to the market, as higher borrowing costs and elevated home prices continue to discourage many would-be buyers. Affordability remains a top priority for consumers, and without a meaningful reduction in rates or home prices, analysts say market activity will remain subdued for some time to come.

Contact Diligent Searches Realty to discuss your real estate goals today!