Deep Dive: Home prices have cooled in the New York area
The housing market has taken a wild ride the past few years.
Low interest rates, bidding wars, but some recent reports suggest the housing market is cooling.
Home prices have cooled in the New York area, especially county to county.
Nationally, home prices increased 19.7% from July 2020 to July 2021. But when we look across New York state, only Suffolk County is seeing price increases in that range up 19.3%.
When looking at New York City, where the housing market was especially hot earlier in the year, prices have cooled up only 14%, Westchester County was up 13.7%, and Nassau only up 13.3%.
What does this mean for people looking to buy or sell homes?
"Typically, the fall is the weakest time of year for home purchases just because folks have probably moved by the time school starts, but the housing market is still pretty tight in terms of inventory and we have very low interest rates still. So the housing market will cool a little bit in terms of purchases and sales, but it won't cool as much as it typically does around this time of year," says Silver.