NYC suburbs see higher home prices

TRD NEW YORK /
May.May 28, 2013 01:30 PM

Job growth, rising confidence, low mortgage rates and buyers’ urgency are all pushing up home prices in the suburbs of New York City, particularly in Southwest Connecticut and Northern New Jersey, the Wall Street Journal reported.

“Across the board, it is on fire,” New Jersey appraiser Jeffrey Otteau told the Journal. “Buyers today once again feel a sense of urgency. Buyers are now convinced that waiting they will pay more.”

Median prices increased 3.8 percent year-over-year in Fairfield County, Conn. Meanwhile in Northern New Jersey, home prices gained 3 percent in both the first and second quarters of this year compared to the same periods last year. This comes after prices fell 27 percent in New Jersey between 2007 and 2012.

The Westchester market posted a 1 percent gain in median home prices in the first quarter this year compared to the same period in 2012. However, pending sales contracts in the county are up 22.5 percent year-over-year and there is now less inventory, Chris Meyers, a managing principal at local brokerage Houlihan Lawrence, told the Journal.

Meanwhile, Long Island’s home prices have lagged behind these other three markets, primarily due to the amount of foreclosures in the area, according to the Journal. Still, there’s a reported decrease in inventory, as well as a 12.2 percent rise in signed contracts so far this year compared to the same period last year. [WSJ]Zachary Kussin


Related Articles

arrow_forward_ios
The New York State Senate subpoenaed several top names in real estate

Elliman, RE/MAX, Keller Williams subpoenaed in discrimination probe

Compass' Rory Golod and Long Island’s North Shore (Credit: Long Island)

Compass sets sights on Long Island’s North Shore

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo announces new state rules following Newsday’s discrimination exposé

Finger and Finger principal Kenneth Finger and landlord activist Jeff Hanley with Westchester (Credit: iStock)

Westchester group lobs its own constitutional challenge to New York’s rent law

How healthcare is saving Long Island’s office & retail markets

How healthcare is saving Long Island’s office & retail markets

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Sherwood Arms Apartments in Stratford and MLK Real Estate Capital Co Founder and Managing Partner Solomon Kinraich

Rentals still rule in Connecticut as multifamily portfolio trades hands

arrow_forward_ios
Loading...