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Activity in Rockland’s housing market continued to be shackled by low levels of inventory in the second quarter, which drove sales down again, even while pushing prices up sharply. Transactions fell almost 10% for houses and 13% for condos, the largest drops since the market correction almost 10 years ago. As a result, pricing is way up from last year, with house prices rising over 8% on average, almost 6% at the median, and almost 5% in the price‑per‑square foot (condo pricing is more mixed). But we are starting to see signs that rising prices might be attracting more sellers into the market, which should eventually stabilize sales. Going forward, though, we think that high demand and low inventory will continue to stifle sales and drive price appreciation at least through the end of the year.
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