The Hudson Gateway Association of Realtors and the National Association of Realtors (NAR) have both released their reports on residential real estate activity during October and the results show that what’s happening nationwide also is happening in the Hudson Valley.
Nationally, year-over-year sales were up by 2.9% when compared with October 2023, according to the NAR. Existing-home sales climbed 3.4% in October to a seasonally adjusted annual rate of 3.96 million. Sales were up by 2.9% from one year ago, the first year-over-year increase in more than three years. In July 2021, sales had gone up 1.8%.
The NAR reported that nationally the median existing-home sales price ascended 4.0% from where it was in October 2023 , reaching $407,200. It was the 16th consecutive month of year-over-year price gains. The inventory of unsold existing homes edged higher by 0.7% from September 2024 to October, ending at 1.37 million at the end of October, or the equivalent of 4.2 months’ supply at the current monthly sales pace.
In Westchester County, single-family closed sales were up 2.8% from last October and closed sales for condominiums increased 7.3%. Co-op sales decreased by11.2% compared with October 2023. The October Westchester median sale price for single-family homes stood at $862,500, up from the $800,000 recorded in October 2023. The median sale price for condos in October 2024 rose 3.2% to $520,000 and co-ops saw a 1.3% hike to $200,000.
Single-family home sales in Putnam County were up by 10.8% in October, while condo sales declined by 13.3%. The median sales price of single-family homes rose by 14.5% to $592,500, from $517,500 in October 2023. The condo median price slipped by 5.4% to $350,000 from $370,000 in October 2023. There were no co-op sales reported.
Closed sales for Rockland’s single-family homes rose by 11.9% in October, while co-op sales remained flat and condo sales declined by 4.3%. The co-op market experienced the highest median price increase at 32.1% to $185,000 over $140,000 last year. The median single-family sale price grew 9.9% to $747,500. Condos had a slight increase of 1.9% to $402,500.
In Orange County, sales of single-family homes increased by 17.2%, and sales of condos by 5.1%. Only two co-ops changed hands last month. The median sale price for single-family homes increased 10.5% over last October to $475,000 and the median sale price for condos went up 6.8% to $315,000.
In Sullivan, the median sale price for single-family homes rose 14.5% to $340,000 from $297,000 last year. There were no condo or co-op sales reported in October in Sullivan.
Lawrence Yun, who is the chief economist for the NAR, suggested, “The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions. Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
