Neighbors to the north looking strong

From LoHud:

Reports: Home sales surge across region

The Lower Hudson Valley real estate market showed some health in the second quarter, as the number of home sales in Westchester, Putnam and Rockland counties rose sharply compared to the same period last year.

In Westchester, the number of home sales from April to June was 2,241, up 11.5 percent from the 2015 figure, 2,009. The volume was second highest for a second quarter in a decade, according to Jonathan Miller, CEO and president of Miller Samuel Real Estate Appraisers & Consultants and the author of the Elliman report, which covers sales in Westchester, Putnam and Dutchess counties.

The number of homes up for sale in that quarter was 5,149 in Westchester, down 13.7 percent from the 2015 figure, 5,965.

“We’ve now had sales going up for over four years, with regional transactions rising in 16 out of the last 18 quarters,” Rand stated. “Most importantly, we’re now seeing sustained sales increases driving sales totals to levels that rival the height of the last seller’s market, with almost 15,000 single-family home and 3,000 condos sold over the past 12 months.”

Surges in sales haven’t directly translated into an increase in pricing, however, particularly in Westchester.

Westchester’s overall median sales price for residential properties in the second quarter was $492,000, up 6.3 percent from a year before. But the second quarter median sales price for single family homes went down to $640,750 from $650,500 in 2015, according to the Elliman report.

The drop was largely caused by a “relative lack of demand in the very high end of the market, for homes selling above $3 million,” Rand wrote.

The number of Westchester single-family home sales in the second quarter was 1,472, up by 20.1 percent from the 2015 figure, 1,226. The inventory was 3,417 in the second quarter, down by 10.7 percent from a year before, 3,826.

In Rockland, the second quarter median sale price for single family homes was $430,000, up 4.9 percent from the 2015 median, according to the Rand Report. The number of sales also rose 28.2 percent to 495 from the same time last year.

In Putnam, the second quarter median sale price for single family homes was $314,000, up 10.2 percent from 2015. The number of sales rose 36.3 percent to 274 in the second quarter compared to the same period last year, when the figure was 201.

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16 Responses to Neighbors to the north looking strong

  1. 1987 Condo says:

    My brother and niece own in Orange county, NY…some serious property taxes, about 4% of market value. A $500,000 home pushes $20,000.

  2. Juice Box says:

    Castile was an armed robber suspect, does not have a carry permit and according to the video shot by his girlfriend was holding his pistol on his lap?

  3. No One says:

    For Libturd. I sat on a jury recently. A slip and fall case against a landlord. The lawsuit claimed that after an 8 inch snow overnight, it was negligent to not have shoveled the steps before 11am. Landlord always dug out his property himself, rather than hire someone. But he did leave a shovel and salt on property for tenants to use. Anyway, we found in favor of landlord. I was thinking of Libturd throughout the trial.

  4. Comrade Nom Deplume, somewhere in NC says:

    [2] juice

    If correct, that’s a game changer

  5. grim says:

    Oh well so much that

  6. Comrade Nom Deplume, somewhere in NC says:

    Per reports, Castile has a boatload of traffic offenses and some minor Shiite that never stuck.

    Nothing so far to convince me that he was a thug or that the shooting was justified

  7. Libturd supporting the Canklephate says:

    No One. Interesting. There are shovels in the garage. Perhaps I’ll throw a bag of salt on the porch at the beginning of the Winter. Technically, by ordinance, the landlord has 24 hours to clear the snow after a measurable storm. I’m typically the first one done on the block due to my power tools and the fact I always do it once the night before during larger storms. The snow tires help greatly as well.

  8. The Great Pumpkin says:

    “As long as U.S. economic data continues to be decent (it doesn’t have to be star spangled awesome like 2014), high inflation is coming very soon. Here’s why.

    We are approaching the final stage of this economic expansion
    This is what our model states:

    The first stage of this economic expansion was 2009-2011. Housing was bottoming while other sectors of the economy were turning positive. The overall theme was “green shoots”.
    The second stage of this economic recovery was 2012-2014. The U.S. stock market led the economic recovery. The economy gradually picked up steam all the way into the end of 2014.
    With global problems and an internal U.S. stock market problem, the U.S. economy muddled through 2015 and the first half of 2016. Now that most of these worries have played out and the U.S. economy is still resilient, we are about to enter into the final stage of this economic expansion: inflation.
    Based on our model, this inflation stage will last 2-3 years (i.e. in 2018 or maybe 2019).
    The drivers behind the inflationary period
    Inflation is historically low. So from a pure probability perspective, it’s more likely for inflation to rise than for inflation to fall.

    However, there are 2 reasons why inflation will not only rise but also rise to a much higher level.

    Money flow into commodities
    Wage pressure
    QE’s intended effect was to lower long term bond yields in hopes of stimulating economic activity. Although QE’s effectiveness in aiding economic activity is questionable (the economy would’ve recovered with or without QE), QE sure did lower bond yields. Yields are at all time lows. Some countries have negative rates.

    Thus, investors are desperate to find yield. That’s why they’re pushing real estate prices to new all time highs less than a decade after a housing crash.

    Our model says that stocks are expensive even though this bull market isn’t over. Investors know that stocks are expensive. And since most investors are value buyers, they’re looking for relatively cheap assets. They’re looking for yield.

    Fixed income assets are expensive, historically speaking.
    Equities are expensive, historically speaking.
    Real estate is expensive, historically speaking.
    There is only one asset that is cheap: commodities.

    It seems that all of a sudden, everyone has become bullish on gold and commodities. Sentiment is extremely bullish. They’re hunting for yield, and the one asset that can return that potential yield is commodities.

    Commodities have been in a bear market for 5 years. Commodities are so cheap that your teeth hurt. With investors pouring money into whatever is still “cheap”, they’re causing commodity prices to surge.

    This surge will not be a small surge. It’ll be a massive bull market. Stocks and bonds are nearing the final stages of their bull markets. Commodities are in the beginning stages of their bull markets. Thus, commodities have a lot more room to run.

    With much higher commodity prices, inflation will spike.

    Wage pressure is finally coming. The last few employment reports show that wages are finally starting to pick up. The April and March employment reports show that wage inflation is already approaching 3% on an annualized basis, which is far beyond the Fed’s target of 2%.

    On top of that, there is a national push for a new minimum wage of $15. This is a significant jump from the current minimum wage in many states. The increase to $15 an hour will be spread out over multiple years.

    High inflation always has a political component to it.
    Inflation will not surge on its own. That is why even the slow and steady rise in commodity prices from 2002-2011 didn’t cause high inflation.

    In this case, the ultimate cause of high inflation will be from 2 politically driven sources.

    Distortions caused by QE (i.e. pushing commodity prices higher).
    Massive minimum wage hikes at the wrong time.”

  9. Where is JJ says:

    If you are working a low wage job for more than 5 years, what does that say about yourself? …you’re ugly.

    No one with good looks lasts long at the bottom.

  10. Amerigeddon says:

    See Pumpndump has already taken a shit here.


  11. Essex says:

    Maureen Dowd skewers Hillary’s ‘judgement’. Film at eleven.

  12. [8] Hey Pumpdick – Your anonymously authored piece of crap mega-paste article from an anonymous site is two months old. Do you even know what bond yields are?

  13. No One says:

    I was surprised neither side mentioned what the local ordinance was regarding snow clearance. I was sure that the claimant would have brought it up if violated.
    After his client lost, the slip and fall lawyer beat half the jurors to the parking lot. He spent 1.5 days on jury selection alone.

  14. Anon E. Moose, Second Coming of JJ says:

    No One [13];

    The judge probably barred either party from mentioning any ordinance to the jury. Although you might think that obeying the law is enough to avoid being found guilty, the plaintiff probably successfully argued to the judge that giving the (lay) jury the yardstick of an ordinance might lead them to deciding ‘if he obeyed the law, he can’t be negligent’, which would prejudice the plaintiff’s case (not unfairly prejudice, mind you, but prejudice none the less).

    I was called for jury duty only once, when I was in law school. During vior dire I told the judge (in a sidebar with both counsel) that I couldn’t be sure I could make a fair judgment without thinking about what evidence that might have been excluded. That was the closest I’ve been to a jury before or since, in any capacity.

  15. Comrade Nom Deplume, somewhere in NC says:
  16. Comrade Nom Deplume, somewhere in NC says:

    That is, if you ever wanted to raise your game.

    But as long as you aren’t mounting a home invasion, beer summit.

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