T
he Hudson Gateway Association of Realtors and the National Association of Realtors (NAR) have released reports on residential real estate activity in October, revealing trends that mirror national data in the Hudson Valley. According to the NAR, nationwide sales increased by 2.9% year-over-year compared to October 2023, with existing-home sales rising 3.4% to a seasonally adjusted annual rate of 3.96 million.

    The median existing-home sales price nationally rose 4.0% from last year's October figure, reaching $407,200, marking the 16th consecutive month of year-over-year gains. Inventory levels edged up by 0.7% from September to October, with a 1.37 million unsold existing homes supply, equivalent to 4.2 months' worth at current sales pace.

    In Westchester County, single-family home sales increased by 2.8%, while condo sales rose 7.3%. Co-op sales declined by 11.2% compared to last October. The median sale price for single-family homes in Westchester reached $862,500, up from $800,000 in October 2023.

    In Putnam County, single-family home sales surged 10.8%, while condo sales dropped 13.3%. The median sales price of single-family homes rose by 14.5% to $592,500. In Rockland County, single-family home sales increased by 11.9%, with co-op sales remaining flat and condo sales declining by 4.3%.

    In Orange County, single-family home sales jumped 17.2%, while condo sales grew 5.1%. The median sale price for single-family homes rose 10.5% to $475,000. In Sullivan County, the median sale price for single-family homes increased 14.5% to $340,000.

    Lawrence Yun, NAR chief economist, suggests that "the worst of the downturn in home sales could be over" due to increasing inventory and growing housing demand, driven by job gains and economic growth. However, he notes that mortgage financing remains a critical issue for first-time homebuyers, with elevated rates expected to stabilize.