The Rand NewsReal

  Activity in the Rockland housing market surged in the fourth quarter of 2019, even while the 2018 Tax Reform cap on state and local taxes (i.e., the “SALT Cap”) continued to suppress pricing growth. Single-family transactions rose over 7% for the quarter, and almost 6% for the full calendar year, reflecting high levels of demand spurred by strong economic fundamentals. But the SALT Cap has suppressed demand in the higher-ends of the market, which has held back pricing for […]

  Pricing in the Orange County housing market surged in the fourth quarter of 2019, even while low levels of inventory continued to stifle sales growth. Pricing was up across the board, with single-family home prices rising over 8% on average and almost 9% at the median compared to last year’s fourth quarter. And for the full 2019 year, single-family prices were up 3% on average and almost 5% in the median. Condo prices were also generally up, rising 5% […]

  The Dutchess county housing market surged again in the fourth quarter of 2019, closing a robust 2019 with a flourish. Sales activity was way up, with single-family home sales up almost 20% from last year’s fourth quarter, which made up for a lackluster start to 2019 – as you can see, even with the fourth-quarter surge, sales for the full year were basically flat. Quarterly sales were also up almost 13% for condos, finishing the year up almost 7%. […]

  The Putnam housing market corrected a bit in a slow fourth quarter, after surges through much of the year. Single-family home sales were down about 3% for the quarter, with prices falling over 4% on average and almost 7% at the median. For the 2019 calendar year, though, Putnam’s market generally grew, with sales up over 2% from 2018. Full-year prices were more mixed, with the average falling almost 2% and the median rising almost 3%. We believe that […]

  The Bronx housing market slowed down just a bit in the fourth quarter of 2019,  with sales falling slightly and prices topping out after a robust run-up for most of the year. We believe that, like other high-priced markets throughout the region, the Bronx might be feeling the impact of the 2018 Tax Reform’s Cap on State and Local Taxes (i.e., the “SALT Cap”), particularly in the higher end of the market. Even with the suppressive effects of the […]

  The Northern New Jersey housing market finished 2019 with a bit of a flourish, with sales and price increases in most of the county markets. We are still seeing some negative impact from the 2018 Tax Reform cap on state and local tax deductions (i.e., the “SALT Cap”), but outside of Hudson County, most of the suburban markets seem to be pricing in the partial loss of property tax deductibility. Going forward, we believe that strong housing fundamentals will […]

  The Sussex County housing market showed continued signs of strength in the fourth quarter of 2019, with sharp increases in both sales and prices. Sales were up almost 3%, which continued a trend from the third quarter and helped moderate the significant sales declines in the early part of the year – sales were down almost 5% for the calendar year, but they were down much more sharply in the first six months. More significantly, we’re starting to see […]

  The Essex County housing market finished a strong year with a flourish, with increases in both sales and prices. Sales rose almost 2% for the quarter and finished the 2019 calendar year up almost 4%. And these continued increases in sales are finally having a meaningful impact on pricing, which was up for both the quarter and the year: prices were up 6% on average and almost 4% at the median for the quarter, and were up about 1.4% […]

  The Hudson County housing market continued to struggle toward the end of 2019, fighting through the impact of the 2018 Tax Reform’s cap on state and local tax deductions (“SALT Cap”). The SALT Cap has had a disproportionate impact on higher-end home buyers, which has slowed down the Manhattan housing market and adjacent high-priced markets like the Hudson County “Gold Coast.”  For the quarter, overall sales fell 8%, finishing the 2019 calendar year down over 5% and down for […]

  The Morris County housing market saved its 2019 year with a surge of activity in the fourth quarter. Sales were up over 12% from last year’s fourth quarter, which helped Morris finish the year basically flat in transactions – after being down sharply for most of the year. Quarterly prices were up from last year’s fourth quarter as well, rising a tick on average but up over 2% at the median. That helped drive positive price appreciation for the […]