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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…

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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