Home sales in New York City’s suburbs decline

Higher home prices said to be deterring potential buyers

TRD New York /
Aug.August 12, 2014 01:25 PM

Home sales in the suburbs surrounding New York City were on the decline in the second quarter as buyers became wary of prices that crept steadily higher last year.

The muted sales signal a return to normalcy after pent-up demand inflated the cost of buying, housing market analysts told the Wall Street Journal.

“We are in a bit of a Goldilocks scenario, not too hot or too cold,” Chris Meyers, managing principal at Houlihan Lawrence, told the newspaper, referring to the market in suburbs north of the city.

Home sales fell 12 percent in Westchester County from the second quarter of 2013, according to Houlihan Lawrence. In Long Island, sales dipped 6.3 percent excluding the East End, according to a Douglas Elliman report cited by the newspaper. And in New Jersey, the number of home contracts signed were down 8 percent from the first half of last year, Jeffrey Otteau, an appraiser and market analyst, told the paper. [WSJ]Tom DiChristopher


Related Articles

arrow_forward_ios
Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

136 Clinton Avenue (Credit: iStock)

How to sell a haunted listing

NYC startup is under contract to buy its first Miami condo as crowdfunding investment

NYC startup is under contract to buy its first Miami condo as crowdfunding investment

Triplemint’s David Walker and John Scipione with Hoboken, New Jersey (Credit: iStock)

Triplemint expands to New Jersey

South Florida dodged a bullet with Hurricane Dorian. Here’s what that means for the resi market

South Florida dodged a bullet with Hurricane Dorian. Here’s what that means for the resi market

Gary Keller of Keller Williams (Credit: iStock and Wikipedia)

Here’s how much it will cost you to sell your home on an iBuying site

Bringing some sunshine to South Florida’s opaque resi report outlook

Bringing some sunshine to South Florida’s opaque resi report outlook

Thor's Joseph Sitt and the New Jersey Center of Excellence

Thor is breaking into the life sciences industry

arrow_forward_ios