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The Westchester housing market surged in the third quarter, showing signs of recovery from the lingering effects of the 2018 Tax Reform cap on state and local taxes (“SALT Cap”). Single‑family home sales were up about 1% compared to last year’s third quarter, the first year‑on‑year increase since the SALT Cap was passed. Similarly, single‑family average prices rose 3.3%, the largest quarterly appreciation since the inception of the SALT Cap. Moreover, the luxury market showed signs of life with 38 sales of $3M+ homes, an increase of almost 23% from last year’s third quarter, and the most quarterly sales in over four years. In the condo and coop markets, prices were also up significantly; sales results were more mixed, but only because inventory levels are down to about 3‑4 months. Basically, we believe that higher‑end home buyers are finally starting to price in the effects of the SALT Cap, and that the overall strength of the housing market – historically low rates, attractive overall values, and a solid economy – are going to continue to drive demand through the end of the year and into 2020.
