Westchester News

Westchester, New York City Multifamily Vacancy Rates Among Lowest in U.S. in Third Quarter

While not in the top 10, Westchester County and NYC boast among the lowest vacancy rates in the United States, according to a report released by the National Associaion of Realtors on August 2.

The Westchester / Southern Connecticut multifamily markets ranked #11 among markets with the lowest third quarter multifamily vacancy rate at 2.45%. NYC came in a whisker behind at #12 with a 2.47% vacancy rate. Long Island came in with the fourth lowest multfamily vacancy rate at 2,1%. Northern NJ's third quarter 2022 multifamily vacancy rate was 3.58%.

Compared to the pre-pandemic period in the first quarter of 2020, both the Westchester / Southern Connecticut multifamily vacancy rate was 2.8%, while NYC's rate stood at 3.3%.

In the third quarter of 2022, we are continuing to see mutifamily rates increase across the board for most metro areas...

Will the Housing Market Collapse Again?

The economy is shrinking. Inflation is soaring, and the stock market is losing value. Searches for "Is the U.S. officially in a recession?" are now trending on Google. If the nation isn't already in a recession, it might well be on the precipice of one. And it's left those with PTSD from the Great Recession of the late aughts wondering if another downturn could sink the hot housing market as well.

The last time around, housing was largely to blame for the most prolonged, financial bloodbath in recent memory. When the bad mortgages imploded, the nation was left with scores of foreclosures, countless new homes sat empty, and millions of Americans suddenly found themselves financially underwater. Unemployment soared. Businesses shuttered.

Most Americans don't want to experience a repeat of those 18 months of misery. The housing market's...

4 Clear Signs This Raging Seller’s Market Has Peaked—and a Buyer’s Market May Be Slowly Moving In

Buying a home today has become a bit of a blood sport, rife with bidding wats pushing offers well over the asking price as buyers scramble to land a house.

It's been hard, we won't lie. But every seller's market does eventually have an end. Now, it appears that in certain areas, the market pendulum might slowly but surely be swinging back in a buyer's market direction.

In order to discern a shift, however small, from a seller's to a buyer's market in your area, let's first take a look at what denies those buying/selling environments.

What is a seller's market?

To put it simply, a seller's market happens when there are more homebuyers than sellers. Based on the basic law of supply and demand, this means that sellers have the upper hand and can sell their homes quicker, at higher prices, with little...

Real Estate Forecast: Market to Ease Despite High Home Prices

Even though national GDP contracted for the second quarter in a row and home sales have fallen for five straight months, property prices are likely to continue growing because of low inventory.

One of the most unusual aspects of the current economy is the labor market. There were more job opening than unemployed people in May - with the difference being nearly two to one, according to Bureau of Labor Statistics data. Construction job openings were at a record high in January, nd these unfilled jobs point to a potential slowdown in the housing market.

Both exisiting-home sales and pending home sales have been falling or stagnant for months. Rising mortgage rates have comined with low inventory to exert downward pressure on the market. Closing activity will continue to sink even more. Some potential home buyers don't want to pay higher monthly rates. Others...

Northeast New Home Sales Plunge Nearly 25% in June

New home sales in June fell to the lowest level since April 2020. Reflecting declining builder sentiment as construction bottlenecks continue to slow new home building and raise housing costs, the Natiional Association of Home Builders reported on July 26.

Sales of newly built, single-family homes in June fell 8.1% to a 590,000 seasonally adjusted annual rate from a sharply downwardly revised reading in May, according to newly released data by the U.S. Derpartment of Housing and Urban Development and the U.S. Census Bureau. New home sales are down 13.4% in 2022 on a year-to-date basis.

Regionally, on a year-to-date basis, new home sales fell in all four regions, down 12.1% in the Northeast, 24.8% in the Midwest, 12.6% in the South and 9.6% in the West.

Regionally, on a year-to-date basis, new home sales fell in all four regions, down 12.1%...

Pending Home Sales Tumble as More Buyers Get Priced Out

Pending home sales fell in June as surging mortgage rates and record-high home prices are making home buyers more cautious in moving forward. The median existing-home price hit an all-time high in June ($416,000). Homes were 80% more expensive in June than they were in 2019.

Nearly a quarter of home buyers who purchase d ahome three years ago would be unable to qualify to buy a median-priced home at today's elevated prices.

NAR's Pending Home Sales Index - a forward-looking indicator of home sales - posted an 8.6% decline in June compared to May. Pending home sales are down 20% comapred to a year ago.

Contract signings fell in all four major regions across the country last month. The West saw the largest monthly decline, with pending home sales dropping by one-third in the past year.

Contract signings to buy...

Mortgage Rates Rise Ahead of Fed's Big Announcement

Mortgage rates rose slightly this week ahead of the Federal Reserve's highly anticipated meeting next Tuesday, when it is expeted to increase its benchmark rate by up to a full percentage point. What impact could that have on mortgage rates ahead?

Even though the upcoming rate hike will be more aggressive, it's expected to have a smaller impact on mortgage rates. Data shows that mortgage rates have already priced in some of the effects of the upcoming Fed's rate hikes.

That would be welcome news to home buyers who are etting nervous about rapidly increasing borrowing cosys. Rising mortgage rates are tamping down husing deman, as existing-home sales in June were down 14.2% from a year earlier. The Census Bureau also reports that builders have slowed new-home construction as more buyers get priced out.


The Housing Market Is Correcting - So Why Are Home Prices Still Soaring?

Home prices have continued their seemingly inexorable rise, despite America's housing market purportedly being in the throes of a correction, a slowdown - whatever you want to call it. It's defying what many experts predicted and, just maybe, conventional wisdom.

Buyers can't afford these higher prices on top of higher mortgage interest rates. Deals are falling through. Bidding wars are drying up. Six-figure offers over the asking price are going the way of the dinosaurs. So how is it possible that median home list prices were 15.9% higher in the week ending July 9 than they were a year ago, according to Realtor.com data?

The disconnect appears to be that home sellers have yet to adjust to this new reality - the one where they can't s;ap whatever price they'd like on their properties, sit back, and wait for the bidding wars to commence. Surging mortgage rates...