Economic Perspectives
Limited Supplies of Available Homes Locally Imply Sellers’ Markets
Will Prevail for Some Time
Authored by Brian Jones, FHLBNY Financial Economist
Highlights
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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