The Northeast is built different: NY state prices up 8% while Southeast cools
It’s intriguing to witness the stark contrasts between markets at the moment. While many regions, particularly in Florida, Texas, and the Southeast, are focused on reducing prices and curbing demand, the Northeast operates on a completely different approach.
According to the New York State realtors association report today, New York State recently reached an unprecedented median price of $475,000 in June, marking an 8% year-over-year increase. Surprisingly, despite a 16-month-long surge in inventory, pending sales have experienced a remarkable jump of 8.1%. Buyers are eagerly absorbing every new listing as quickly as sellers can post them.
Despite national headlines proclaiming a “cooling housing market,” the Northeast’s supply constraints and demand continue to maintain a tightly controlled market.