HUDSON VALLEY, NY — Certainly the pace of home sales has slowed down in the region — not a surprise given its overheated nature during the pandemic, said officials with the Hudson Gateway Association of Realtors.
Still, comparisons to the pre-pandemic market of 2019 show very stable conditions, they said.
- In Westchester County, second-quarter single-family home sales declined 14.2 percent compared to the second quarter of 2021. However, compared to the second quarter of 2019, single-family home sales in Westchester were up 5.5 percent.
- In Putnam County, single-family home sales were down 19.8 percent compared to the second quarter of 2021. Compared to 2019, the number of sales were identical.
- Rockland County experienced a steeper dip, with single family home sales down 22.8 percent; however, in comparison to the second quarter of 2019, the 2022 quarter numbers are slightly ahead.
“The significant headwinds of a declining stock market, rising inflation, rising interest rates, and the threat of a recession will continue to take their toll on the housing market,” HGAR officials said. “However, continued strong buyer demand, low inventory, and a strong labor market appear to be mitigating factors.”
If the economy does go into recession, the lower Hudson River Valley and greater New York City Suburban real estate markets should continue to demonstrate stability in 2022, officials said.
Meanwhile, median sales numbers in the entire area continued to rise in the second quarter, still fueled by low inventory.
Data provided by OneKey® MLS, one of the largest REALTOR® subscriber-based MLSs in the country, serving more than 46,000 real estate professionals that serve Manhattan, Westchester, Putnam, Rockland, Orange, Sullivan, Nassau, Suffolk, Queens, Brooklyn, and the Bronx. OneKey® MLS was formed in 2018, following the merger of the Hudson Gateway Multiple Listing Service and the Multiple Listing Service of Long Island.