KATONAH-LEWISBORO, N.Y. – The Katonah-Lewisboro School District is now closed for Monday after earlier having a two-hour delay as a result of inclement weather.
The sale of all existing homes fell 3.2% to an annual rate of 5.12 million units in October as rising prices tripped up buyers – a data point further constrained by falling inventory levels, the National Association of Realtors noted Wednesday.
Existing-home sales is a measure of sales on all single-family residences, townhomes, condos and co-ops. Compared to last year, October sales remained 6% higher than the 4.83-million unit sales pace reported last month. But this is not an unusual occurrence given the fact that prices have been rising year-over-year for the past 28 months, NAR said.
With the national median existing-home price up 12.8% from last year, buyers are facing rising prices at a time when lower inventory levels are pushing them even higher. Yet, the fall in existing-home sales suggests potential homebuyers are not keeping up.
“The erosion in buying power is dampening home sales,” said Lawrence Yun, NAR’s chief economist. “Moreover, low inventory is holding back sales while at the same time pushing up home prices in most of the country. More new home construction is needed to help relieve the inventory pressure and moderate price gains.”
Right now, the median existing-home price in the U.S. is hovering at $199,500, an increase of 12.8% from October 2012.
Distressed home sales also are much lower today, falling 25% from October 2012 levels. With fewer foreclosure-related sales, the median price of existing properties continues to escalate beyond many borrowers’ reach.
Only 9% of October sales were classified as foreclosures, while 5% were short sales. Foreclosures faced a 17% discount when compared to similar properties, with short sales discounted by 14%.
The shrinking U.S. housing inventory hit 2.13 million existing home sales in October, a 1.8% decline, and a 5-month supply of homes at the current sales pace. That compares to a 4.9-month supply in September when the market was still moving at a faster pace.
The tightest inventory conditions popped up in the markets of Oakland, Calif.; San Francisco; San Jose, Calif.; Denver and Stockton-Lodi, Calif., NAR said
S&P Dow Jones Indices released for its S&P/Case-Shiller1 Home Price Indices showing that the 10-City and 20-City Composites increased 12.8% year-over-year. Compared to July 2013, the annual growth rates accelerated for both Composites and 14 cities.
On a monthly basis, the 10-City and 20-City Composites gained 1.3% in August. Las Vegas led the cities with an increase of 2.9%, its highest since August 2004. Detroit and Los Angeles followed with gains of 2.0%.
In August 2013, the 10- and 20-City Composites posted annual increases of 12.8%.
“The 10-City and 20-City Composites posted a 12.8% annual growth rate,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Both Composites showed their highest annual increases since February 2006. All 20 cities reported positive year-over-year returns. Thirteen cities posted double-digit annual gains. Las Vegas and California continue to impress with year-over-year increases of over 20%. Denver and Phoenix posted 20 consecutive annual increases; Miami and Minneapolis 19. Despite showing 26 consecutive annual gains, Detroit remains the only city below its January 2000 index level.
“The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April. Since then home prices continued to rise, but at a slower pace each month. This month 16 cities reported smaller gains in August compared to July. Recent increases in mortgage rates and fewer mortgage applications are two factors in these shifts.
“Denver and Dallas again set new highs. All the other cities remain below their peaks. Boston and Charlotte are the two MSAs closest to their peaks with only 8-9% left to go. Las Vegas is still down 47.1% from its peak level.”
As of August 2013, average home prices across the United States are back to their mid-2004 levels. Measured from their June/July 2006 peaks, the peak-to-current decline for both Composites is approximately 20-21%. The recovery from the March 2012 lows is 22.1% and 22.7% for the 10-City and 20-City Composites.
All twenty cities posted monthly gains in August, although most cities showed deceleration compared to July. Las Vegas was at the top of the range at +2.9% and Seattle was at the bottom with a return of +0.5%. Month-over-month, San Francisco has been losing momentum as prices increased 4.9% in April 2013 and 0.9% in August 2013.
We’ll all be “Fall”-ing back this weekend. You can get ready for it now.
Changing the clocks back at the end of Daylight Saving Time can throw your body for a loop, but there are ways to help you ease into that one-hour change.
Dr. Praveen Rudraraju at Northern Westchester Hospital in Mount Kisco has five tips to help adjust to the end of Daylight Saving Time.
- Try to change one of the clocks on Friday and start following that clock to eat meals, sleep and wake according to that clock. When Monday comes, you will be better adjusted.
- Exercise early in the day not too close to the bedtime.
- Give ample time to digest your dinner before you go to bed.
- Try to spend time outside during the daytime if weather permits, Dim the lights in the evening, so that your body understands that it’s time to wind down.
This three-part photo essay traces the recovery efforts in the year since Hurricane Sandy, as documented by photographer Nathan Kensinger. Throughout the year, his Hurricane Sandy photo essays have appeared in Curbed’s Camera Obscura column. His photographs are also included in exhibits opening this week at the Museum of the City of New York and the Brooklyn Historical Society, which are dedicated to the one-year anniversary of the storm.
[In the year since Hurricane Sandy, Staten Island neighborhoods like Ocean Breeze have seen little progress in their recovery efforts. All photos by Nathan Kensinger.]
It has been one year since Hurricane Sandy landed on Staten Island, destroying many of its waterfront neighborhoods. Despite an outpouring of volunteer support and a huge cleanup effort, these communities are still visibly suffering from the impact of the storm. In neighborhoods like Ocean Breeze, Midland Beach, and New Dorp, ruined buildings, abandoned homes, empty lots and overgrown foundations remain a common sight. A host of government programs have assisted residents during their recovery, but many homeowners are frustrated by the lack of progress and are not planning to return.
“It’s been hell,” said Jean Laurie, the president of the Ocean Breeze Civic Association, whose neighborhood and house were badly damaged by the storm surge. “We still don’t have a home,” she said. “Before you know it, it’s going to be two years. And then what?” After demolishing their storm-damaged residence in April, Jean and her husband Burt hoped they would be able to rebuild quickly. But, like several of their neighbors, their lot remains empty. “I don’t know anyone on Staten who has built a new house,” said Burt. “There is too much red tape.”
“We still don’t have a home. Before you know it, it’s going to be two years. And then what?” —Jean Laurie, president, Ocean Breeze Civic Association
Most residents in Ocean Breeze have given up on the idea of rebuilding, and now hope to sell their entire neighborhood to the state to be demolished, much like the buyout planned for nearby Oakwood Beach, where 400 homes will be torn down and the land returned to nature. “They should never have houses here, never,” said Joe Herrnkind, a 15-year resident of Ocean Breeze whose home was destroyed by flooding. “The buyout is the only way,” said Herrnkind. “I’m looking for a buyout from the government only. No one else. Knowing what I know, I don’t want anyone else to suffer this way.” In sharp contrast to the headway made in the Rockaways, Staten Island’s storm recovery seems far from complete.
October 2013: In the empty lot where their home once stood, Jean and Burt Laurie display a handmade protest sign. Like 5,500 Staten Island residents, they registered for the city’s Build It Back program. They are still waiting to receive a phone call from the government.
October 2013: Their collection of photos documents the damage in Ocean Breeze, where 20 houses were destroyed. About 30 of the remaining 109 homes are occupied, according to the Staten Island Advance.
November 2012: In the days after the storm, Jean Laurie and her husband helped coordinate with volunteers to distribute supplies from in front of their flood-damaged home.
April 2013: When her home was demolished in April, Jean planned to rebuild quickly. “We want to revitalize the area,” she told Curbed at the time. “We don’t want to leave it in shambles.”
April 2013: Jean still hopes to rebuild, but “almost every single home owner that is here has signed up for the buyout,” according to her neighbor Joe Herrnkind. “You’d have to be crazy to stay.”
October 2013: One year after the storm, empty homes in Ocean Breeze are still being gutted by city workers. Roughly 400 people are waiting to rebuild their homes in Staten Island, according to the Staten Island Advance.
October 2013: Progress has come to a standstill in several Staten Island neighborhoods. In Midland Beach, this pile of debris from a ruined building has sat next to a local home for the entire year. Abandoned and empty homes can be found throughout the area.
One in three Americans would consider moving to another state in the next one to two years for financial as well as lifestyle considerations, according to a new survey by ERA Real Estate
“While U.S. unemployment has declined and real estate values have been on the rise, many Americans who met with financial challenges during the last five years may be looking to make a change by moving to a new job market,” said Charlie Young, president and CEO of ERA Real Estate. “That not only makes good financial sense, but would likely increase their quality of life.”
For those consumers who would consider relocation, the primary financial drivers are better job opportunities and a lower cost of living, while curiosity about new places and better weather were equally important in the lifestyle consideration set.
For those who were not interested in a major move, 72% of respondents reported it was because they were happy living in their current local market.
With U.S. Census data pointing to increased “migration” – the number of people who moved out of state or region in 2012 increased 6 percent over 2011 – and ERA brokers citing an increased interest in self-directed relocation, ERA Real Estate partnered with HGTV to dig deeper into the American appetite for relocation.
“As the overall economy and job market improves, people are more likely to consider a major life change that is on their terms, not because they have to,” said Dr. Leslie Reiser, a behavioral expert who worked with ERA Real Estate to understand consumer psychology, attitudes and behavior surrounding relocation.
Moving to a market with better job prospects, a lower cost of living and better weather appears to be favorable to prospective house-hunters, even if it means leaving family and friends behind.
In addition to the consumer survey with HGTV.com, ERA Real Estate also conducted a national survey of its real estate brokers, who cited an improving economy and real estate market as the main reasons that their clients find relocating out of their local market today more attractive than it was 2 to 3 years ago. Other findings include:
- About two-thirds (63%) of ERA brokers reported that homebuyers and sellers are more open to the idea of moving to a new area, outside of their current local market
Katonah NY real estate has 111 homes for sale currently. The median price is $824,500 and there are 13.89 months of inventory. Agressively priced homes are selling in Katonah and over-priced homes are sitting. Price well to sell.
Active Katonah NY Homes for sale
111 homes for sale
$824,500 median price
173 average DOM
3383 average size
$337 average price per foot
Sold Katonah NY Homes (six months)
48 homes sold (8 per month)
$699,500 median price
186 average DOM
3071 average size
$264 average price per foot