Home prices up in Putnam, Westchester despite sales declines
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- July
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Sales and median prices of existing homes continued to show weakness year-over-year in May across most of New York state.
Sales were down in 41 counties and up in 16 and unchanged in one among 58 counties that have Multiple Listing Services reporting to the state association of Realtors.
Median sales prices also declined, pushing the residential real estate economy more firmly into a market favoring buyers. Prices fell in 36 counties and rose in 22.
In April, prices were up in slightly more than half of the counties.
Sales statewide fell 17.1 percent to 6,590 units, while the median price declined 8.7 percent to $210,000 from $230,000.
The balance between buyers and sellers was less apparent in much of the Lower Hudson Valley. Sales were down across the region, but prices rose in Westchester and Putnam counties.
Putnam’s median rose the most — 17.9 percent to $470,000, despite a sales plunge of 44.4 percent in May from a year earlier. Unit sales dropped to 50 from 90 in May 2007.
Westchester’s median rose 4.1 percent to $702,500, though sales fell 21.8 percent.
In Rockland County, the median sales price of $476,500 was down 5.6 percent as sales declined 20.7 percent.
Four counties — Bronx, Franklin, Hamilton and New York — do not participate in the Realtors’ survey.
The May 2008 results are reported as preliminary, though the Realtors rarely note revisions in subsequent months.
This entry was posted
on Tuesday, July 1st, 2008 at 4:24 pm by Frank Brill.
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