Between last July and August, there was a slight increase in the average closed sales price of condominiums and cooperatives; This cost increased 2.40% from 620 thousand dollars in August 2022.
By Julio Fernández Details Published: September 28, 2023
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In August 2023, OneKey MLS reported a regional residential median closed sales price of $635K, an increase of 0.80% compared to the $630K reported in July 2023 in New York. When comparing it year after year, the average closed sales price increased by 2.40% from the $620 thousand reported in August 2022.
Now, between July and August of this year, closed regional sales transactions, including residential, condominium and cooperative sales, increased to 5,243 from 4,383, representing a month-on-month increase of 19.60 percent.
Five of the nine counties that make up the MLS regional coverage area had an increase in median closed sales price in a month-over-month comparison, while four counties reported a decrease in median sales price.
The counties of Sullivan (+23.20%), Bronx (+15.20%), Suffolk (+2.60%), Rockland (+0.80%) and Nassau (+0.70%) posted month-over-month increases in average closed sales price. Orange (-1.20%), Westchester (-3.3%), Queens (-4.4%), and Putnam (-6.10%) counties reported decreases.
Richard Haggerty, CEO of OneKey MLS, opined that there is a lack of inventory leading to the current market conditions. “If we can point to one thing that will keep sellers in their place, it is the current interest rates.”
There is simply no strong enough motivation for sellers to put their properties up for sale. After the extremely dynamic turn of the market since 2019, returning to a state of normality is clearly a challenge,” he concluded.
2023-09-28 17:54:26
#Residential #prices #transactions #rise #York
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