The Rand NewsReal

  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 […]

  The Rockland housing market surged forward in the third quarter of 2019, showing the first signs of recovery from the lingering effects of the 2018 Tax Reform cap on state and local tax deductions (“SALT Cap”). Single-family home sales were up over 8% from last year’s third quarter, the largest increase since 2017, before the SALT Cap took effect. Pricing for the quarter was a little more mixed, with the median price rising over 3% but the average price […]

  The housing market in Westchester and the Hudson Valley surged forward in the third quarter of 2019, showing the first signs of recovery from the suppressive effects of the 2018 Tax Reform Cap on State and Local tax deductions (i.e., the “SALT Cap”). With the higher‑end starting to recover, we expect the market will continue to strengthen through the fourth quarter and into 2020. Single‑family sales were up regionally, and in every individual county. Regional sales rose 3.4% from […]

  The Dutchess housing market surged in the third quarter of 2019, with sales and prices up sharply. Single-family home sales were up almost 4% compared to last year’s third quarter, the largest year-on-year sales increase in over two years. Indeed, the 671 closings marked the largest quarterly total since the third quarter of 2016. Similarly, single-family prices were up sharply, rising over 5% on average and over 7% at the median, with the rolling year average sales price now […]

  The Putnam housing market surged in the third quarter, with sales rising and prices generally appreciating. Single‑family sales were up over 9% compared to last year’s third quarter, with the 326 recorded closings marking the highest quarterly total in over three years. Pricing for the quarter was a little more mixed, with the median price rising almost 4% but the average price down a tick. Indeed, pricing for the rolling year showed the same divergence, with the median up […]

  The Orange County housing market cruised through the third quarter of 2019, with moderate increases in both sales and prices. Single-family home sales rose by almost 3% compared to last year’s third quarter, making up for a more sluggish second-quarter. Pricing was mixed, with the median price up almost 5% but the average down a tick. Why the discrepancy between the average and the median? We believe that the 2018 Tax Reform cap on state and local tax deductions […]

  Demand in the Orange County housing market continued to grow in the second quarter of 2019, even while a lack of inventory stifled sales growth. Single-family home sales fell sharply compared to the second quarter of 2019, dropping almost 11%, but we believe that has more to do with a shortage of supply rather than a lack of demand. Why? Because quarterly single-family home prices were way up across the board, rising almost 3% on average, 6% at the median and 8% in the price-per-square-foot. And […]