Seasonality Impacting Market Conditions Regionally
OneKey® MLS recently released the September 2022 real estate market reports for our area, which provide an accurate picture of the local housing market for REALTORS® and consumers.
The numbers were not surprising. In a month-over-month comparison, NY regional closed home prices dropped 3.2% in September 2022 to $599,900, down from $620,000 as reported in August. OneKey MLS has not reported a regional month-over-month decline in median home prices since last Fall. Additionally, the number of closed transactions for our region was 5,241, representing a decrease of 18.1% from 6,394 reported in August.
The recent downturn in home prices and activity can be attributed to the expected, seasonal cooling effect seen annually, but current conditions are also impacted by inflation and rising mortgage rates, which are sidelining some consumers.
The numbers I am sharing with you today are an overview of our entire geographic footprint, covering Long Island and the Hudson Valley, nine counties in total. Although the big picture is showing the effects of seasonality on prices and activity, more localized communities in our region may not be. For more detailed market reports and highlights, focusing on more localized data, please visit https://dev.onekeymlsny.com/market-statistics/
I hope you are all embracing the changing seasons. In my experience, when the market slows down this time of year, it’s a great time to focus on preparing for the next wave of market changes that will be here before you know it.
Happy Fall! Take care.
Linda Lugo, Chairperson of the Board of Managers