The number of home sales in the first quarter of 2018 dropped in Westchester and Rockland Counties for the first time in four years. According to an article in the Journal News on April 23, 2018 by Akiko Matsuda, the lack of inventory has been an issue but also the implications of the new tax laws might have had an additional hand in home sales in the first quarter of 2018. Sales figures in the first quarter reflect transactions that were negotiated in the last quarter of 2017.
Westchester’s single family home sales from Jan. – March, 2018 declined 5.6% to 1034 from the same period in 2017 which was 1095. In Rockland, the sales dropped 18.9% to 360 from 444 in 2017 according to the Hudson Gateway Multiple Listing Services. However, in Putnam County, single family sales rose by 8.1% from 209 in 2017 to 226 in 2018. In all three Counties, single family home inventory (the number of home for sale) saw a significant drop from a year ago; down 7.3% in Westchester, 12% in Rockland and 2.15% in Putnam. The lack of inventory pushed up overall prices in all three counties. In Westchester, the median price for a single family home went up 2.2% to $613,250 from 2017. In Rockland, the median home price went up 10.7% to 357,011.
According to The Somers Record on April 19, 2018, Westchester County, the most popular county in the region, dropped 2.3%, co-op sales continue to be resilient and increased by 1.1% for the first quarter of 2018. Single family residence sales decreased by 5.6% from 2017 while the median sales price for a single family home in Rockland rose 2.4%. In Orange County, sales of single family homes dropped by only 0.5% and the single family home price rose to a median of 240,000, a 4.3% increase from 2017.