Median home prices in the New York held steady at $215,000 in April, says the New York State Association of Realtors, but remain higher in the lower Hudson Valley.
The number of closed sales fell by more than 11 percent compared to a year ago, says the association’s housing market report and sales dropped by 1.8 percent compared with the beginning of 2013.
This compares to stronger sales and higher median home prices in Westchester, Rockland and Putnam counties, realtors have reported.
In Westchester County, for example, the median home price in Westchester for the first quarter of 2014 was $600,000, an increase of $85,000 or a 16.5 percent over last year’s median price, says the Hudson Gateway Association of Realtors. In Rockland, the $380,000 median sale price of a single family house was 6.1 percent higher than last year’s $358,000. In Putnam the increase was 11 percent , to a median price of $318,000.
Statewide numbers offer a contrast and report on the larger housing market.
“Home values in the Empire State continue to hold on to the gains of the past consecutive 23 months,” said Duncan MacKenzie, NYSAR chief operating officer, noting that the year-to-date median sales price through April 30 has grown 3.7 percent compared to the same period in 2013. “The 2014 market holds great opportunity for sellers who are seeing nearly 95 percent of their asking price at the closing table.”
“On the other side of the coin, buyers are facing low inventories, tighter access to credit and slowly increasing mortgage rates,” said MacKenzie. “April may have finally been the month that the slowdown caused by the drastic weather conditions this winter took its toll on closings. We expect that better weather, pent-up demand and an increasing selection of homes becoming available will boost buyer activity into the late spring and summer.”
Here are more of the statewide numbers:
- The April market posted 6,691 closed sales, down 11.2 percent from the April 2013 total of 7,535. The year-to-date (Jan. 1 – April 30) sales total of 25,797 represents a 3.4-percent decrease from the same period last year.
- The year-to-date (Jan. 1 – April 30) median sales price of $223,000 represents an increase of 3.7 percent compared to the same period last year.
- Pending sales declined 4.7 percent to 10,318 in April compared to 10,830 in April 2013.
For more of this report, go to the New York State Association of Realtors website.
(Shown above is a 4-bedroom, 2-bathroom house on South Lexington Avenue in White Plains listed for $600,000. Listing through Silversons Realty, LLC MLS 4413782.)