Economic Perspectives
At the Quarter Pole: a Look at Housing Activity in New York and New Jersey
Authored by Brian Jones, FHLBNY Financial Economist
Highlights
May 20, 2019
Existing home sales in New York and New Jersey appear poised for a spring rebound
Tight supplies will continue to constrain local home purchases over the foreseeable future
Median home prices remain on uptrends, reducing buyer affordability
Despite higher selling prices, supply logjam will not end anytime soon
Price increases may slow, yet the Empire and Garden States will largely remain sellers markets
Constrained by a variety of factors – reduced affordability, limited supplies and inclement weather conditions – closings on existing dwellings in New York and New Jersey averaged almost…
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