The Market 

   Updated: January 2024

   December report

U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing home sales may continue to pick up in the months ahead.

New listings were up 0.4% to 5,791. Pending Sales increased 0.7% to 6,528. Inventory shrank 17.8% to 24,469 units. Prices moved higher as the Median Sales Price was up 10.1% to $380,000. Days on Market decreased 3.8% to 50 days. Months’ Supply of Inventory was down 6.9% to 2.7 months. Low levels of inventory continue to impact U.S. home sales, offering few options for aspiring buyers to choose from


New York & Westchester: No data available

Q4 report

   The fourth quarter was a challenging period for the U.S. housing market. The supply of homes for sale remained scarce, the average 30-year fixed-rate mortgage hit a 23-year high of 7.79% in October, according to Freddie Mac, and home prices marched upward in many markets, causing existing home sales to slump nationwide. Affordability challenges continue to weigh down buyer and seller activity, creating a standstill of sorts: fewer people can afford to buy, and fewer people can afford to sell, further constraining a tight supply of homes for sale and putting upward pressure on sale prices.

Pending Sales in New York State were up 1.7% to 24,123. Closed Sales decreased 11.9 % to 27,648. Inventory shrunk 17.8% to 24,469 units. Prices gazed upward as the Median Sales Price was up 5.6% to $375,000. Days on Market held steady at 49. Months’ Supply of Inventory was down 6.9% to 2.7 months.

But there have been signs of recovery as well. Inflation is cooling, and mortgage rates have plunged in recent weeks, falling to their lowest level since June, giving home shoppers some much-needed relief this quarter.

New York: No data available