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.
Latest News
11/23/2022
FHLBNY Announces Results of 2022 Board of Director Elections
11/17/2022
Dividend Announcement 3Q22: The FHLBNY Declares a 6.75% Dividend for the Third Quarter of 2022
11/16/2022
Prepare for the 1Link Migration in December 2022
12/31/2019
2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual (for Jan 2020)
12/11/2019
A Review of Housing Statistics at the End of 2019