Prices of single-family homes rose throughout the Lower Hudson Valley region in the second quarter, with the number of homes available for sale continuing to dwindle, according to the real estate sales report released Monday by the Hudson Gateway Association of Realtors.
Dorothy Botsoe, president of HGAR and the owner of Dorothy Jensen Realty in White Plains, said the market condition is frustrating some prospective buyers, particularly those people who are trying to enter the housing market for the first time.
“Buyers are trying, but they can’t even get their foot in the door because when they see the property and before they can make a reasonable offer, there are multiple bids,” Botsoe said.
The median sale price for single-family homes in Westchester was $670,000 in the second quarter, up by 3.1 percent from the same period last year, when the figure was $650,000.
In Rockland, the median price rose to $441,387, up by 2.6 percent from a year ago when the figure was $430,000. And in Putnam, the median rose by 9.9 percent, from $314,000 last year to $345,000 this year.
The pace of the price increase over the past five years in Rockland is noteworthy. The 2017 second-quarter median for single family homes, $441,387, was 13.2 percent higher, or $51,387 more, compared to the 2013 figure, $390,000.
The price hike is driven by the ever-shrinking housing supply, experts agreed.
The HGAR report stated that prospective home buyers are “operating in a market that has seen tremendous reductions in the supply of for-sale housing over the past four years.”