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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


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…

Disclaimer. The Federal Home Loan Bank of New York (“FHLBNY”) is providing this report for informational purposes only. This report should not be construed as an opinion, recommendation, or solicitation regarding the use of any financial strategy and/or the purchase or sale of any financial instrument. The recipients of this report are advised to conduct their own independent due diligence and consult with financial advisors, accountants, and attorneys before making any investment, credit, or any other financial decisions. FHLBNY does not warrant the completeness or accuracy of this report. The past performance of any FHLBNY service or product should not be viewed as a guarantee of future results. The information contained in this report, as well as the services and products provided by the FHLBNY, may change at any time without notice.

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