HGAR reports single-family sales up in most of HV; OneKey reports regional upswing

The Hudson Valley Gateway Association of Realtors (HGAR) has issued data on residential real estate sales for July that reflect generally healthy activity. Putnam County saw 44.1% more sales close in July of this year than in July of 2023. In Westchester, the uptick was 1.6%. Orange County saw a 10.8% decline in closings from this time last year. Single-family home sales in Rockland were up by 6.8% in July 2024 compared with July of 2023.

There were 839 single-family homes sold in Westchester during July 2024, up from 813 in July 2023. Rockland had 220 single-family home closings, Orange had 270 and Sullivan had 65.

In the region covered by the OneKey MLS (multiple listing service) from Montauk to Manhattan and through the Hudson Valley to the Catskill Mountains, closed sales for single-family homes and condominiums in July were both up compared with last year, while co-op sales saw a decline. There were 3,625 single-family closed transactions in July 2024, a 4.4% increase over July 2023. Condominium closed sales reached 533, up by 6.8%, while co-op closed sales dropped by 6.4% to 528.

In July, the regional single-family median sale price was $718,750, marking an 8.9% year-over-year increase from $660,000 in July 2023. Condominiums also saw an uptick, with a closed median sale price of $480,000, reflecting a 3.9% increase from $462,000 the previous year. The closed median sale price for co-ops rose to $279,750, up 1.5% from $275,500 in July 2023.

Nationally, the National Association of Realtors reported that existing-home sales in the U.S. grew 1.3% in July to a seasonally adjusted annual rate of 3.95 million, stopping a four-month sales decline that began in March. However, sales slipped 2.5% from one year ago. The median existing-home sales price went up 4.2% from July 2023 to $422,600, the 13th consecutive month of year-over-year price gains.

Richard Haggerty, CEO of OneKey MLS, said of sales in the region covered by OneKey, “The rise in median sale prices reflects strong demand, particularly in the single-family home segment, despite fluctuations in inventory levels. As we look ahead, the potential for declining mortgage rates could reignite buyer enthusiasm, especially for those who have been on the fence due to higher borrowing costs. A decrease in rates could bring more buyers back into the market, stimulating activity across various property types.”

In Westchester, the median sale price for single-family homes in July saw a small drop to $1,010,000 from the previous month’s record high of $1,031,500.

Co-op sales in Rockland increased by 11.1% but declined by 10% in Westchester. Condo sales in Westchester jumped 30.5% with a new median price of $525,000, a 16.7% increase over last July’s median at $450,000. In Rockland, the median price for condos was up 31.5% from $310,000 last July to $407,500 this July. The median price for co-ops jumped 37.7% to $179,000 from $130,000 in July 2023.

Sullivan County’s single-family home sales rose by 1.7% in July, but the median sales price jumped 14.3% to a new all-time high of $300,000 from last July’s median of $262,540. There were no condo or co-op sales in Sullivan in July.