The 3rd Quarter Fall Real Estate Market Update

 Hi Everyone,

I just wanted to give you the current end-of-the- 3rd quarter update on the real estate market in Westchester County.  

This summer the housing market continued to be very tight with limited housing inventory and prices for consumables such as food, oil, gas, and household items have remained high. I have attached the CPI chart so you can review it (St. Louis FRED CPI). House prices for single-family homes over that past year have increased. Many frustrated home buyers have had to consider the increase in mortgage rates and home prices to readjust their housing searches.  Also, as a result, many home sellers are unable to tap into the equity in their homes preventing them from moving forward with their next housing plans.  So the vicious housing shortage cycle will continue.

I want to point out that this does not mean that the current housing market is in a bubble and home prices will come crashing down. There will be a decline in home prices, however, 65% of the US population owns a home (Homeownership St. Louis Fred) where they are paying a mortgage rate of 3%. Also, keep in mind that 37% of that number (65%) of homeowners have paid off their mortgages completely.  

So, at this point, many homeowners are not under any pressure to sell their homes, meaning the housing inventory will remain tight.  

Please keep in mind that if there are large numbers of job layoffs and the unemployment numbers rise, people will be forced to sell their homes and increasing inventory will bring home prices down.

Current Mortgage Rates

In the town and city links below - you can toggle between different home styles Such as single family, condo, and Co-op to see how that property type is doing in the current market.

Below are the clickable links that show the price points of houses, condos and co-ops in all the communities in Westchester. Lower Westchester City of Yonkers Tuckahoe Bronxville Mount Vernon Pelham New Rochelle Eastchester Larchmont Mamaroneck Scarsdale Ardsley The Rivertowns Hastings on Hudson Dobbs Ferry Irvington Tarrytown Sleepy Hollow Ossining Briarcliff Manor Central Westchester White Plains Harrison Rye Rye Brook Port Chester Greenburgh Mount Pleasant Elmsford North Castle Pleasantville Northern Westchester Peekskill Croton on Hudson Cortlandt Buchanan Yorktown New Castle Mount Kisco Bedford Pound Ridge Lewisboro North Salem Somers