Housing sales drop significantly in Hudson Valley due to high interest rates and low inventory

Housing sales in the Hudson Valley have seen a significant drop due to high interest rates and low inventory, according to the Hudson Gateway Association of Realtors.
Compared to the third quarter of last year, residential sales have fallen nearly 21% in Westchester, 25% in Rockland, 23% in Orange, and 34% in Putnam Counties.
In Westchester, the median sale price of a single-family home has increased to $925,000.
Realtors are hopeful that expected lower interest rates next year will prompt more homeowners to list their properties for sale.