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Housing prices rise as supply gets tighterPosted: Updated:
Housing prices in the Hudson Valley are climbing as the supply gets tighter.
According to the Hudson Gateway Multiple Listing Service, the average cost of a single family house in Westchester was $670,000, up $20,000 over last year. In Orange County, the median home price increased by nearly 6 percent to $235,000. In Rockland County, the average home selling price was $441,000, up more than 2 1/2 percent. In Putnam County, selling prices rose nearly 10 percent to a median price of $345,000.
Realtor Dorothy Botsoe blames shrinking inventories.
"We have very limited inventory. Sellers are selling, but they're pricing very high. When buyers get out there in the market, you have multiple offer situations,” she says.
With housing prices up, the numbers have some homebuyers wondering if they're getting more or less bang for their buck. Experts are advising homebuyers to wait until the fall, when the number of homes for sale is expected to increase.