OneKey MLS: ‘Buyers and Sellers Appear to be Taking a Pause;’ Regional Home Prices and Sales Fall in November
Real Estate In-Depth | December 19, 2022
FARMINGDALE—The latest home sales statistics from OneKey MLS clearly indicates that higher mortgage interest rates and inflation are taking their toll on what was a robust sales market earlier this year.
OneKey MLS, the largest MLS in New York, which aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, reported a regional closed median sale price of $575,000 in November, representing a 1.70% decrease as compared to the reported $585,000 in October 2022.
Between October and November 2022, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 4,551 from 4,859, representing a decline of 6.30% month-over-month change.
Six of nine counties reported a decreased closed median sale price in a month-over-month comparison, while two counties reported an increased median price, and one reported no change. Putnam (-11.10%), Bronx (-6.80%), Sullivan (-2.00%), Suffolk (-0.90%), Westchester (-0.50%), and Queens (-0.40%) counties reported month-over-month decreases in closed median sale price.
Rockland (+3.30%) and Nassau (+1.90%) counties reported month-over-month increases in closed median sale price, while Orange County (0.00%) reported no change.
Richard Haggerty, President and Chief Strategic Growth Officer of OneKey MLS, said, “I believe that we are seeing a return to seasonality in the marketplace. The post-pandemic recovery that occurred in the second half of 2020 and reached a frenzied pitch in 2021 was not sustainable at that pace. Buyers and sellers appear to be taking a pause as we reach the end of 2022.” Haggerty will assume the post of Chief Executive Officer of OneKey MLS on Jan. 1, 2023.
Year-over-year, the median sale price fell 3% in the Bronx; dropped 1.8% in Rockland County and declined 6.2% in Putnam County. However, the median sale price increased 5.5% in Orange County; jumped 3.8% in Westchester County and rose 3.1% in Sullivan County as compared to November 2021.
All counties in the Hudson Gateway Association of Realtors’ market area experienced double-digit percentage declines in sale transactions in November as compared to a year earlier when the housing market was very active. Putnam County suffered the largest sales drop off at 25%, followed by Westchester County at 21.6% and Rockland County at 21.4%. Sales in Orange County dropped 18.7% in November as compared to 12 months previous, followed by Sullivan County’s 11.4% decline and the Bronx’s 10.6% decline in transactions.
OneKey MLS, made possible by the merger of MLSLI and Hudson Gateway MLS, is one of the nation’s leading Multiple Listing Services, serving more than 50,000 Realtor subscribers and 4,500 participating offices throughout Long Island, Manhattan and the Hudson Valley.