Zillow photo of Kenneth Cole’s Purchase mansion for sale for $22 million
Median sales prices for single-family homes continued to rise in June. Westchester County once again set a new record for the median single-family home price in June at $1,031,500 – a 12.7% increase from last year’s median home price of $915,000.
Putnam County saw the highest increase, with a 19.2% increase, bringing the median sales price in June 2024 to $590,000, compared to the previous year’s median price of $495,000.
Sales declined in all counties in the Hudson Gateway Association of Realtors market area. Orange County saw the largest decline in single-family home sales at 26.9%, followed by Putnam and Sullivan counties, which reported the same 16.9% decline in sales activity.
Completed sales in the condo markets were down or flat in all markets except the Bronx, where sales rose 14.3% last month. However, the median condo price in the Bronx fell 18.7% in June to $333,250 after rising 42% in May. Median condo and co-op prices in Westchester rose about 3.3% and 15%, respectively, to $511,000 and $215,000. In Rockland County, the median condo price rose 5.8% to $399,000 and the median co-op price rose 5.0% to $126,000.
Single-family home inventory has fallen sharply. Putnam County had the highest total sales of any property type, with a 19.5% increase in June. The only other county with positive total sales was Sullivan, at 2.5%.
The report delivers mixed results for the housing market, which continues to struggle with high mortgage rates, low inventory and strong demand. These three market forces are causing prices to continue to rise across the region. As the month ended, several positive economic reports clearly showed that inflation is easing, and analysts now expect the Federal Reserve to begin cutting rates as soon as its September meeting. According to Freddie Mac, the average interest rate on 30-year fixed-rate mortgages was 6.92% in June and 6.86% at the end of the month.
“Limited supply and strong demand continue to be the driving forces in our markets right now, especially for single-family homes,” said Lynda Fernandez, CEO of HGAR. “We expect lower interest rates and higher inventory levels to help stabilize prices and generate more home sales in the coming months.”
Westchester County
In contrast to May, single-family home sales fell 13.3% and the median sales price rose 12.7% to a new high of $1,031,500. In June 2023, the median price for a single-family home was $915,000. In May 2024, the median price reached the previous record of $980,000. The condo market also saw a 7.7% decline in sales and a 3.3% increase in June
the median sales price to $511,000. Closed sales decreased 13.0% in the co-op market, but the median sales price increased 15% to $215,000.
The number of new listings decreased for all housing types – condos by 27.4%, co-ops by 3.4% and single-family homes by 3.1%. The total inventory of all property types decreased, with co-ops experiencing the largest decline at 27.4%.
followed by condominiums with 18.9% and single-family homes with 17.1%. Months of supply fell by 10.3% to just 2.6 months and pending sales fell by 9.4%.
Putnam County
Putnam County single-family home sales suffered a 16.9% decline in June, and condo transactions declined 8.3% compared to June 2023 activity. The median single-family home sales price increased 19.2% to $590,000 — up from $495,000 in June 2023. The median condo sales price in Putnam County fell 3.7% to $375,500 in June 2024, down from $389,900 a year earlier. There was only one cooperative unit sale in Putnam County in June 2024.
Single-family home listings increased 24.5% in June compared to June 2023. New condo listings increased 10%. Months of listing for all property types increased 6.9%, from 2.8 months in May to 3.1 months in June. Another positive is that pending sales in June 2024 in Putnam County increased 19.5% after falling 6.3% in the previous month.;
For more information, visit HGAR.com.
