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Economic Perspectives

Limited Supplies of Available Homes Locally Imply Sellers’ Markets
Will Prevail for Some Time

Authored by Brian Jones, FHLBNY Financial Economist


July 2018

  • New York and New Jersey Failed to Contribute to Rebound in Northeastern Home Resales in May
  • Lack of Available Dwellings is Limiting Existing Home Sales in New York and New Jersey
  • Supply Shortage is Widespread, With Few Counties Reporting Increased Stocks
  • Lack of Supply Has Not Prompted a Significant Pickup in Single-Family Building Activity
  • A Variety of Factors, Including Increased Labor and Materials Costs, Are Capping New Construction
  • Current Conditions Imply That Sellers’ Markets Will Prevail for Some Time

In contrast to the remainder of the Nation, closings on existing homes in the Northeast rebounded by 4.8% to a seasonally adjusted annual rate of 680,000 in May, completely erasing the pullback recorded in April…

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