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Westchester housing market stabilizes

The Westchester housing market stabilized in October 2010, with a 30 percent increase in homes sold and a 10 percent increase in median sales price compared to 2009, according to the October market report released by Houlihan Lawrence. “The higher median price primarily reflects a shift in the mix of homes selling rather than an increase in the value of comparable homes,” explained Chris Meyers, COO of Houlihan Lawrence. “Prices are roughly at 2004 levels throughout most of the county.” The most active markets include Bronxville, Scarsdale, Rye, Larchmont and Armonk, which have been popular among buyers moving from New York City, while communities in northern Westchester continue to lag, Meyers said. The report also showed that Westchester’s housing recovery has lost some momentum since the summer, reflecting the expiration of the homebuyer tax credit. TRD

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