Declining mortgage rates and changes to state and municipal tax deductions had mixed outcomes for the Lower Hudson Valley’s housing market in 2019.
As reported by The Journal News/lohud this week, brokerage firm Houlihan Lawrence reported that Westchester County as a whole saw a modest decline in sales and median sales price for the year.
And while the regional economy proved beneficial for Rockland County in the fourth quarter of 2019, Orange and Putnam counties experienced a slower market over the same period of time.
In its end-of-the-year housing report, the Hudson Gateway Association of Realtors said home sales in the region are likely to improve in 2020. But market activity as a whole may be constrained by a low number of residences for sale.
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Here are some highlights from the report.
Rockland County
- Fourth-quarter sales increased by 4.3% to 720 in a year-over-year basis.
- 530 of 720 properties sold in the fourth quarter were single-family homes; 146 were condominiums.
- Median sale price for single-family homes declined by 0.9% to $450,000.
- Annual sales of co-ops increased by 42.9% to 100.
- Annual home sales across all property types increased by 3.3% to 2,748.
- Median sales price for single-family homes declined by 1.1% to $455,000 for 2019.
Putnam County
- Fourth-quarter sales decreased by 1.1% to 320 over the same period in 2018.
- 276 single-family homes were sold in the fourth quarter at a median sales price of $340,000.
- Median sales price in the fourth quarter decrease by 6.8% in a year-over-year basis.
- 1,048 properties out of 1,202 residential property sales in 2019 were single-family homes.
- 126 condominiums were sold in 2019; only 3 co-ops were sold during the same period.
- Total sales in 2019 decrease by 1.1% to 1,202.
Orange County
- 965 out of 1,165 residential properties sold in the fourth quarter were single-family homes.
- Fourth-quarter median sales price for single-family homes increased by 7.6% over the same period in 2018 to 277,000.
- The median sales price for condominiums grew by 1.1% to $187,000 over the same period in 2018.
- Total residential property sales in 2019 decreased by 2.6% to 4,450.
- 3,672 properties sold in 2019 were single-family homes; 510 properties were condominiums.
- Median sales price for multifamily properties with two to four homes increased by 26.7% to $209,000 in 2019.
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January 10, 2020 at 06:00PM
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Housing report: Sales grow in Rockland, contract in Putnam, Orange - Lohud
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