WHITE PLAINS—Median sales prices for single-family homes continued to rise in June, with the exception of Sullivan County, which experienced a decline of 5.1%. Westchester County once again reached a new record high for the median single-family home price at $1,031,500 in June—a 12.7% increase over last year’s median home price of $915,000.
Putnam County posted the highest gain of 19.2%, bringing its June 2024 median sales price to $590,000, as compared to last year’s median price of $495,000.
Sales were down in all counties in the Hudson Gateway Association of Realtors market area, with Orange County posting the largest decline in single-family home sales at 26.9%, followed by Putnam and Sullivan counties, which posted the same 16.9% fall-off in sales activity.
Closed sales in the condo markets were down or flat for every market with the exception of the Bronx, which enjoyed a 14.3% increase in sales last month. However, the Bronx median condo price, after growing 42% in May, fell 18.7% in June to $333,250. Westchester’s condo and co-op median prices increased by about 3.3% and 15%, respectively to $511,000 and $215,000. In Rockland County, the median condo price rose 5.8% to $399,000 and the co-op median rose 5.0% to $126,000.
Inventory of single-family homes plummeted in all areas except Sullivan County, which experienced a 7.2% increase. Putnam County posted the highest for overall pending sales for all property types with a 19.5% increase in June. The only other county to post positive overall pending sales was Sullivan at 2.5%.
The report released by the Hudson Gateway Association of Realtors (HGAR), based on data supplied by OneKey MLS, offers mixed results for the home sales market, which continues to deal with high mortgage rates, low inventory, and strong demand. Those three market forces are causing prices to continue to rise throughout the region. As the month ended, a number of positive economic reports clearly showed inflation is cooling and analysts are now expecting the Federal Reserve to begin cutting rates as early as its sessions in September. The 30-year fixed-rate mortgage averaged 6.92% in June, according to Freddie Mac and ended the month at 6.86%.
“Limited supply and strong demand continue to be the driving forces in our markets right now, particularly for single-family homes,” said HGAR CEO Lynda Fernandez. “We expect lower interest rates and higher levels of inventory to help stabilize pricing and to generate more home sales in future months.”
June 2024 Month over Month Comparisons
Closed Median Home Prices
| County | June 2024 | May 2024 | Change |
|---|---|---|---|
| Putnam | $547,500 | $468,500 | 16.9% |
| Orange | $455,000 | $410,000 | 11.0% |
| Queens | $722,500 | $670,000 | 7.8% |
| Bronx | $610,000 | $577,500 | 5.6% |
| Westchester | $790,000 | $749,611 | 5.4% |
| Dutchess | $460,000 | $438,500 | 4.9% |
| Nassau | $777,495 | $750,000 | 3.7% |
| Suffolk | $640,000 | $635,000 | 0.8% |
| Sullivan | $299,000 | $317,500 | -5.8% |
| Rockland | $675,000 | $725,000 | -6.9% |
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