The Rand NewsReal

Sales in the Essex housing market went up again in the first quarter of 2019, but this increase in buyer demand had a middling effect on pricing. Sales rose over 5% for the quarter, and finished the rolling year up almost 4%. But pricing was mixed: for the quarter, the average price was down over 4% for the quarter, and down 2% for the year. We might be seeing some impact from the 2018 Tax Reform’s $10,000 cap on state […]

After sizzling throughout 2018, the Hudson County housing market slowed dramatically in the first quarter of 2019, with sales down sharply and price appreciation diminishing. Sales were down almost 15% overall from last year’s first quarter, and down for each property type. And pricing was relatively mixed compared to last year’s first quarter, with the average price down over 4% for single-family homes, up almost 6% for multi-families, and flat for condos. Now, prices are still way up for the […]

The Morris County housing market slowed down in the first quarter of 2019, with sales falling sharply. Transactions were down almost 12% from last year’s first quarter, finishing a rolling year in which they were down almost 4%. We still saw some modest price appreciation, with the average price rising about 2% for the quarter, but up only a tick for the rolling year. We might be seeing some impact from the 2018 Tax Reform’s $10,000 cap on state and […]

The Orange County housing market continued to grow in the first quarter of 2019, with both sales and prices up in what is now a thriving seller’s market. Low levels of single-family inventory continued to stifle sales growth, with sales only rising about 1% for the quarter and just a tick for the year. But demand remains high, evidenced by the almost 2% increase in the average sales price for the quarter, closing a rolling year in which Orange homes […]

The Passaic housing market continued to grow in the first quarter of 2019, with prices up again even while low levels of inventory constricted sales growth. We are seeing clear signs of a thriving seller’s market. Prices continue to go up, with the average price rising over 3% for the quarter and over 4% for the rolling year. And inventory is still falling, dropping almost 7% from last year’s first quarter and now down below the six-month level that usually […]

The Putnam housing market got off to a relatively soft start to the year, with both sales and prices falling in a slow first quarter of 2019. Single family home sales were down almost 5%, and average prices were down almost 4%, from the first quarter of last year, maybe as a result of a slackening of demand from the 2018 Tax Reform cap on state and local tax deductions (“SALT Cap”). That said, Putnam sales were only down about […]

The Rockland housing market surged again in the first quarter of 2019, with both sales and prices of single-family homes up for the quarter. The 8% increase in sales from the first quarter of last year was the largest increase in any county in the region, demonstrating how strong buyer demand in the county has remained. And Rockland continued to see meaningful price appreciation, with average prices up over 2% for the quarter and 4% for the year. Unlike the […]

  The Westchester housing market stumbled through the first quarter of 2019, with both sales and prices down sharply. Sales dropped almost 5% for the first quarter and 4% for the rolling year, continuing a trend we have been watching since the enactment of the 2018 Tax Reform’s cap on state and local tax deductions (“SALT Cap”). As we expected, the SALT Cap has had a modest but meaningful impact on the higher-end Westchester market, where more home buyers are […]

Pricing in the Sussex market surged yet again in the first quarter of 2019, even while falling inventory suppressed sales growth. Transactions were down sharply, falling almost 12% for the quarter and now down over 2% for the rolling year. But the drop in sales clearly did not indicate a lack of demand, with average prices up almost 13% from last year’s first quarter and over 8% for the rolling year. More importantly, inventory has finally come down to manageable […]