Home sales in New York City’s suburbs decline

Higher home prices said to be deterring potential buyers

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
Winery owner Giovanni Borghese (Facebook via Borghese Vineyard)
Rare vintage: Long Island’s oldest winery hits the market
Rare vintage: Long Island’s oldest winery hits the market
Beaches, ponds, views: What water access costs in the Hamptons
Beaches, ponds, views: What water access costs in the Hamptons
Beaches, ponds, views: What water access costs in the Hamptons
What’s next for the East End’s community preservation fund?
What’s next for the East End’s community preservation fund?
What’s next for the East End’s community preservation fund?
Harbor Group’s Jordan Slone (right) and Cammeby's International founder Rubin Schron (iStock)
Harbor Group, Cammeby’s team up on $1B NJ apartment buy
Harbor Group, Cammeby’s team up on $1B NJ apartment buy
Suburban homebuying frenzy rages on even as NYC reopens
Suburban homebuying frenzy rages on even as NYC reopens
Suburban homebuying frenzy rages on even as NYC reopens
Shoppers World CEO Sam Dushey with an aerial shot of Green Acres Mall (Shoppers World, Macerich)
Shoppers World to debut in Long Island at former Century 21 site
Shoppers World to debut in Long Island at former Century 21 site
Huge home headache hassles North Fork locals
Huge home headache hassles North Fork locals
Huge home headache hassles North Fork locals
As home prices went up, sales edged down — by 0.9% from April to May (iStock)
Sticker shock? Existing home sales fall for fourth straight month
Sticker shock? Existing home sales fall for fourth straight month
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...