Real Estate Update August 2022

I just wanted to give everyone some information on the current real estate market in Westchester County.?Schools are about to start on Tuesday, September 6th, and everyone is going to be back on that work/school schedule.??

This summer the housing market continued to be very tight with limited housing inventory and prices for consumables such as food, oil, gas, and household items have remained high.?House prices for single-family homes over that past year have increased.?Many frustrated home buyers have had to take into account the increase in mortgage rates and home prices to readjust their housing searches.??

I want to point out that this does not mean that the current housing market is in a bubble and home prices will come crashing down. There will be some decline in home prices, however, 65% of the US population owns a house where they are paying a mortgage rate of 3%.? Also, keep in mind that 37% of that number (65%) of homeowners have paid off their mortgages completely.??

So, at this point in time, many homeowners are not under any pressure to sell their homes, meaning the housing inventory will remain tight.??

Please keep in mind, that if there are large numbers of job layoffs and the unemployment numbers rise, then people will be forced to sell their homes and that action of increasing inventory will bring home prices down.

Please use the links below.?They will show you the current single-family housing inventory for Westchester County, the Median Sales price for homes in Westchester, and the Housing Affordability chart from St. Louis Fred.

Current Homes for Sale in Westchester County

The Median Sales price for homes in Westchester County

The chart below shows the price for a median-priced home in Westchester County, NY. I am putting this information together to say not to get discouraged about purchasing a home. If you are in the market, I can help you find that gem you may be looking for

The Housing Affordability Index

The value of 100 means that a family with a median income has just enough money to qualify for a median-priced home. If the number is above 100 that means that the same family has more than enough to pay for a mortgage and a number below 100 states that the same family does not have enough money to qualify for a mortgage. If you open the chart it shows we are currently at 98.

Below are videos of my most recent sales.

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