Local residential real estate market not quite in lockstep with the nation

The National Association of Realtors reported Dec. 19 that nationwide home sales posted a significant jump in November, marking the second consecutive month of increases following a nearly frozen market in the summer. Existing home sales in November were 4.8% higher than recorded in November 2023, representing a 6.1% annual growth rate nationally.

“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun. “More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago and consumers get used to a new normal of mortgage rates between 6% and 7%.”

The median existing-home sale price in the U.S. in November was $406,100, up from $387,800 a year earlier. Inventory was up around he country, with a nearly 18% jump in listings.

In the Hudson Valley, the number of November sales of single-family homes increased in Westchester and Rockland but declined in Putnam, Orange and Sullivan, according to the Hudson Gateway Association of Realtors (HGAR). HGAR used data supplied by OneKey MLS.

In Westchester, closed sales increased by 2.3% for single-family homes but declined by 15.5% for condos and 22.1% for co-ops. Median sales prices were up, with rising 9.6% to $525,000. Co-op prices were up 8.4% to $227,701 and single-family home prices advanced by 4.7% to $890,000.

The number of new listings were down for all three property types. Listings for single-family homes were off 18.6% decline while condo and co-op listings decreased by 5.6% and 5.1%, respectively.

In Rockland County, the number of single-family homes sold rose by 15.4% and the median sales price went up by 7.3% t $755,000. Co-op sales went up by 20% with the medial sale price rising 43.9% from $112.000 last November to $161,200 this November. Condo sales declined by 12.8% although the median sale price was up 16.2% to $430,000.

Orange County saw single-family home sales decline by 19.5% in November 2024 compared with November 2023 although the median sale price increased by 5.7% to $465,000. Sales of condos grew by 36% in November, with the median sale price going up 2.5% to $289,500. There were two co-ops sold compared with one in November 2023. That one sold for $146,000 while this November’s sales averaged $132.500.

In Sullivan County, single-family sales fell by 18.3% although the median sale price jumped up 19.6% to $357,000 from $299,000 last November. There were no condo or co-op sales reported in Sullivan in November.

In Putnam, single-family homes sales dropped by 18.6%. The median sale price was flat at $530,000. Condos saw a 5% growth in median sales prices to $315,000. Putnam County’s condo market saw an 18.2% increase in sales, from 11 last year to 13 this November. There were no co-op sales.