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Bedford Hills NY Homes for Sale

Westchester sales fall 6.3% | Bedford Hills Real Estate

WHITE PLAINS—Residential sales in the first quarter of 2022 in the counties served by OneKey MLS, LLC were down from the historic peaks of 2021, but still posted strong results when compared with 2019 and 2020. The one county served by OneKey MLS that posted stronger numbers in 2022 compared to 2021 was Bronx County which was up 6.1% with 613 residential sales posted in the first quarter.

Residential sales, which include single-family homes, condominiums, co-operatives and 2-4 family multi-family homes, decreased 6.3% in Westchester County, a 28.1% decrease in Putnam County, a 11.6% decrease in Rockland County, a 14.7% decrease in Orange County, and a 19.8% decrease in Sullivan County. One bright spot when comparing 2022 sales to 2021 sales was the condominium market in Westchester County, which saw a 27.8% increase in the number of transactions.

While these overall decreases may seem significant at first glance, the significance is diminished when viewed over a two-year period. When comparing the 2022 first quarter residential sales numbers to the first quarter of 2020, the sales numbers in Westchester County increased 26.9%, Putnam County increased 16.7%, Rockland County increased 21.2%, Orange County increased 31.7%, Sullivan County increased 30.5% and Bronx County increased 42.2%.

In all areas served by OneKey MLS, single-family median sales prices continued to rise, with a modest increase of 2.7% in Westchester County, a 21.8% increase in Putnam County, a 14.9% increase in Rockland County, a 10.3% increase in Orange County, a 20.3% increase in Sullivan County and an 11% increase in Bronx County.

For the first quarter of 2022, the average median sales price for single-family homes in Westchester County was $729,000, the average median sales price in Putnam County was $475,038, the average median sales price for Rockland County was $600,000, the average median sales price in Orange County was $375,000, the average median sales price in Sullivan County was $267,000, and the average median sales price for single family homes in Bronx County was $600,000 for the first quarter of 2022.

It has been apparent for some time that affordability issues are becoming critical in many parts of OneKey’s geography. In 2019, the average median sales price for a single-family home in Westchester County was $600,000, compared with $729,000 for the first quarter of 2022, a 21.5% increase over a three-year period. The fact that the Westchester median sales price increase was the smallest compared to the other OneKey counties at 2.7% YOY may be a sign of sales prices beginning to stabilize and moderate.

A dearth of inventory continues to plague the market in all parts of OneKey’s footprint, and days on market continue to decline. The market is also facing the dual headwinds of rising interest rates and increasing inflation. However, the market continues to exhibit strength in spite of these headwinds as the economy in the Hudson Valley, greater New York City and suburban area continues to rebound from the pandemic. All in all, 2022 is off to a solid start, the OneKey MLS report states. Click Here to read the full report.

Single family housing starts up 13.4% in 2021 | Bedford Hills Real Estate

Home building ended 2021 with strong annual gains as demand accelerated in the wake of the pandemic. These annual gains were realized despite supply-chain limitations for materials and ongoing access issues for labor and lots. Single-family starts ended 2021 with a 13.4% increase for a total of 1.123 million starts. Multifamily 5+ unit construction ended the year with a 22.1% gain, for a total of 460,100 starts. A component of the missing middle, 2 to 4 unit construction showed a decline for 2021, a 2.8% drop.

For the month of December, overall housing starts increased 1.4% to a seasonally adjusted annual rate of 1.7 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The December reading of 1.7 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts decreased 2.3% for the month to a 1.17 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 10.6% to an annualized 536,000 pace in December.

Due to supply-chain effects, there are 144,000 single-family units authorized but not started construction—up 38.5% from a year ago. However, this total is down from a cycle high in October of 154,000.

In January, single-family builder confidence decreased one point to a level 83 on strong buyer demand, according to the NAHB/Wells Fargo Housing Market Index (HMI). After peaking at a level of 90 in November 2020, builders have reported ongoing concerns over elevated lumber and other construction costs, as well as delays in obtaining building materials. The NAHB forecast projects growing labor shortages as the overall unemployment rate trends lower in the quarters ahead.

While the single-family sector cooled at the start of 2021, off the unsustainable seasonally adjusted pace of last Winter, recent readings, including the HMI, suggest ongoing stabilization. The December read of housing starts is consistent with this analysis. In fact, single-family permits showed strength for the month, rising 2% and up 13.4% for 2021.

Multifamily construction continues to expand strongly on declining vacancies and rising rents. For December, 5+ unit production was up 13.7% to a 524,000 annualized rate. This momentum will continue in 2022.

On a regional and year-to-date basis, combined single-family and multifamily starts are 22.2% higher in the Northeast, 10.9% higher in the Midwest, 15.3% higher in the South and 16.9% higher in the West.

As an indicator of the economic impact of housing, there are now 769,000 single-family homes under construction. This is 26% higher than a year ago. There are currently 750,000 apartments under construction, up 15% from a year ago. Total housing units now under construction (single-family and multifamily combined) is 20% higher than a year ago.

Overall permits increased 9.1% to a 1.87 million unit annualized rate in December. Single-family permits increased 2% to a 1.12 million unit rate. Multifamily 5+ unit permits increased 19.9% to an annualized 675,000 pace.

Looking at regional permit data on a year-to-date basis, permits are 22.4% higher in the Northeast, 14.4% higher in the Midwest, 16.3% higher in the South and 19% higher in the West.

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Gov. Hochul Signs Bill Package to Combat Housing Discrimination | Bedford Hills Real Estate

New York Gov. Kathy Hochul signed a package of nine bills geared to addressing bias and discrimination in the real estate industry in New York State.

ALBANY—New York Gov. Kathy Hochul signed a legislative package on Dec. 21 totaling nine bills geared at combating housing discrimination and addressing issues raised in a Newsday expose entitled “Long Island Divided.”

The centerpiece of the legislation is the Anti-Discrimination in Housing Fund that will permit the state to conduct fair housing testing. Other initiatives included in the bills signed into law range from increasing training and raising the maximum fines for misconduct by real estate brokers and salespersons, to emphasizing that all state and local agencies that administer state housing programs have an obligation to “affirmatively further fair housing.” These new bills, spearheaded by Senate Housing Committee Chair Brian Kavanagh and Assembly Housing Committee Chair Steven Cymbrowitz, will ensure the real estate workforce is well versed in fair housing practices and that the new fund is sufficiently resourced to carry out its intended purpose, New York State officials said.

The Newsday expose published in November 2019 was the culmination of a three-year investigation that uncovered widespread evidence of unequal treatment by real estate agents on Long Island and both explicit and implicit bias that exists in the real estate industry. The expose led to State Senate hearings and some disciplinary actions taken against some of the agents identified in the series.

“For too long, the dream of owning a home has been out of reach for too many New Yorkers because of discrimination and bigotry,” said Gov. Hochul. “When intrepid investigative journalists uncovered housing discrimination in New York, we took action to end this unacceptable practice. I’m proud to sign strong new laws expanding access to fair housing and allowing more New Yorkers to achieve the American dream of owning their homes.”

In a prepared statement, the New York State Association of Realtors stated in response to the housing discrimination bills signed into law: “The New York State Association of Realtors, Inc. (NYSAR) was proud to have worked with state lawmakers over the last two years to strengthen fair housing laws in New York State. We commend Governor Hochul and the State Legislature for their actions and their willingness to work with Realtors and other industry partners toward reasonable solutions that enhance fair housing education for all real estate licensees and increase penalties for bad actors who violate the law. There is no place for illegal discrimination, whether it be in housing or elsewhere. The New York State Association of Realtors Inc. is committed to educating our members about these new laws and regulations and will promote strict compliance.”

NYSAR also noted, “Realtors have a long history of opposing illegal housing discrimination and have consistently sought constructive fair housing solutions. We look forward to continuing to work with Governor Hochul and state lawmakers on additional fair housing initiatives to the benefit of all residents of New York State.”

The following is a rundown of the new housing discrimination legislation signed into law by the governor.

Creation of the Anti-Discrimination in Housing Fund

 Legislation (S.945-B/A.6866) establishes an Anti-Discrimination in Housing Fund, a portion of which will be supported by fines collected for violations of anti-discrimination sections of the real property law. This bill increases the fine ceiling from $1,000 to $2,000 and then diverts 50% of the revenue from these fines to the Anti-Discrimination in Housing Fund. This fund will be available to the Office of the Attorney General for fair housing testing which will allocate grants to various government and non-governmental entities specializing in anti-housing discrimination.

Increasing Fines and Adding a Surcharge to Licensing Fees

Legislation (S.2133-A/A.5363) adds a surcharge to licensing and re-licensing fees for real estate brokers and salespersons to be used for statewide fair housing efforts. The surcharge, an additional $30 for brokers and an additional $10 for salespersons, will be deposited into the Anti-Discrimination in Housing Fund for fair housing testing efforts.

State Senator James Skoufis said, “Following Newsday‘s 2019 exposé on housing discrimination, my colleagues and I opened a year-long investigation into predatory practices in real estate. We held multiple joint hearings, issued 25 subpoenas to compel uncooperative Realtors and their firms to testify, and ultimately produced a wide-ranging investigative report with many legislative recommendations to tighten regulation of this often abusive industry. By signing this package of fair housing bills, Governor Hochul is sending a clear message to housing interests across New York that all homebuyers deserve to be treated with dignity and fairness.”

State and Local Agencies Have an Obligation to Fair Housing

 Legislation (S.1353-A/A.5428-A) requires all state and local agencies administering housing programs or enforcing housing laws that receive state funding to affirmatively further fair housing. Agencies must take meaningful steps to further fair housing. Pursuant to an agreement with the legislature, the Commissioner must report significant steps taken to in line with this obligation every five years, with interim reporting in year two and year four.

Increases Required Fair Housing Training for Real Estate Professionals

Legislation (S.2132-B/A.5359) increases required trainings for real estate professionals, particularly trainings related to fair housing. Trainings are required to include, but are not limited to courses on:

• The legacy of segregation, unequal treatment, and historic lack of access to housing opportunities;

• Unequal access to amenities and resources on the basis of race, disability and other protected characteristics;

• Federal, state, and local fair housing laws and

•Anti-bias training.

The bill is designed to prevent the unequal treatment of minority homebuyers by increasing overall instructional training as well as instructional training pertaining to fair housing and discrimination in the real estate industry.

Requires Implicit Bias Training for Real Estate Brokers or Salespersons

Legislation (S.538-B/S.4638-A) requires an additional two hours of training relating to implicit bias for real estate brokers and salespersons as part of their license renewal process. During investigations into the issues brought to light by “Long Island Divided,” it became apparent that many real estate professionals were unaware of the impact implicit bias could have in their industry, state officials said. The bill ensures that all real estate professionals are made aware of how harmful implicit bias can be and how to ensure they follow fair housing guidelines.

Requires Cultural Competency Training for Real Estate Brokers or Salespersons 

Legislation (S.979-A/A.844-A) requires that coursework on cultural competency be included in the curriculum for real estate broker and salesperson license qualification, and requires an additional two hours of training for real estate professionals in comprehensive cultural competency prior to renewing broker or salesperson licenses. This will help decrease discrimination in the real estate industry, and further educate real estate professionals to ensure they follow fair housing practices.

Requiring Standardized Intake Procedures for Real Estate Professionals

Legislation (S.2131-A/A.6186) requires standardized client intake procedures for real estate brokers and allows for a penalty to be imposed on any real estate broker or salesperson who fails to comply. Pursuant to an agreement with the legislature, real estate professionals must post and maintain their standardized operating procedures at their offices for inspection by the Department of State and the public. The bill allows for client intake procedures to be monitored and standardized, preventing discriminatory practices.

Requires Associate Brokers Serving as Office Managers to Supervise Other Real Estate Professionals

Legislation (S.2157-A/A.6355) requires associate real estate brokers who serve as office mangers to supervise other real estate professionals in their office. Office managers must have been active in the real estate industry two of the four years before beginning duties as office manager. Real estate brokers are responsible for maintaining and supervising their place of business, unlike associate brokers who have the same licensing but have chosen to work under the supervision of another broker. The legislation clarifies the required level of supervision and strengthens existing Department of State regulations. In addition, the legislation specifies the length of time an associate broker is required to work prior to becoming an office manager and will therefore ensure offices are appropriately supervised by experienced real estate professionals.

Creating a Telephone Line for Housing Discrimination Complaints

 Legislation (S.3437-C/A.2300-C) establishes a dedicated telephone line for housing discrimination complaints. This telephone line will be run by the Division of Human Rights and will provide assistance to those experiencing housing discrimination. This will create a more efficient process for reporting incidents of housing discrimination.

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Housing size trends higher | Bedford Hills Real Estate

An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Recent data confirms this impact on the market continues to occur.

According to third quarter 2021 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area increased to 2,337 square feet. Average (mean) square footage for new single-family homes increased to 2,541.

Since Great Recession lows (and on a one-year moving average basis), the average size of new single-family homes is now 6.2% higher at 2,518 square feet, while the median size is 9.3% higher at 2,296 square feet.

Home size rose from 2009 to 2015 as entry-level new construction was constrained. Home size declined between 2016 and 2020 as more starter homes were developed. Going forward we expect home size to increase again, given a shift in consumer preferences for more space due to the increased use and roles of homes (for work, for study) in the post-Covid-19 environment.

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CoreLogic sees home prices rise 18% | Bedford Hills Real Estate

Through September 2021 with Forecasts from September 2022


The CoreLogic Home Price Insights report features an interactive view of our Home Price Index product with analysis through September 2021 with forecasts from September 2022.

CoreLogic HPI™ is designed to provide an early indication of home price trends. The indexes are fully revised with each release and employ techniques to signal turning points sooner. CoreLogic HPI Forecasts™ (with a 30-year forecast horizon), project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales.

The report is published monthly with coverage at the national, state and Core Based Statistical Area (CBSA)/Metro level and includes home price indices (including distressed sale); home price forecast and market condition indicators. The data incorporates more than 40 years of repeat-sales transactions for analyzing home price trends.

HPI National Change

September 2021 National Home Prices

Home prices nationwide, including distressed sales, increased year over year by 18% in September 2021 compared with September 2020. On a month-over-month basis, home prices increased by 1.1% in September 2021 compared with August 2021 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).

Forecast Prices Nationally

The CoreLogic HPI Forecast indicates that home prices will increase on a month-over-month basis by 0.1% from September 2021 to October 2021, and on a year-over-year basis by 1.9% from September 2021 to September 2022.

“The pandemic led prospective buyers to seek detached homes in communities with lower population density, such as suburbs and exurbs. As we head into 2022, we expect some moderation in the current pattern of flight away from urban cores as the pandemic wanes.”

-Frank Martell
President and CEO of CoreLogic

This graph shows a comparison of the national year-over-year percent change for the CoreLogic HPI and CoreLogic Case-Shiller Index from 2000 to present month with forecasts one year into the future. We note that both the CoreLogic HPI Single Family Combined tier and the CoreLogic Case-Shiller Index are posting positive, but moderating year-over-year percent changes, and forecasting gains for the next year.

Economic Impact on Home Prices

Demand for homebuying remained strong through the end of the summer. However, the ongoing housing supply shortage has continued to drive up prices, which increased 18% year over year in September, to record highs creating additional challenges for entry into the homebuying market. High demand and low supply levels for entry-level homes, in particular, are sidelining many would-be first-time buyers.

As millennials continue to make up a large part of homebuying demand and flock to tech hubs like Seattle; San Jose, California and Austin, Texas, we may see this challenge intensify. This is reflected in a recent CoreLogic consumer survey, with 47.9% of this cohort stating they cannot afford to purchase a home in their preferred area.

“Remote work has allowed many employees to buy homes further away from their office. These homes are often in the suburbs or exurbs, where property prices and population density are lower and single-family detached housing more common.”

– Dr. Frank Nothaft 
Chief Economist for CoreLogic

HPI National and State Maps – September 2021

The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

Nationally, home prices increased 18% year over year in September. No states posted an annual decline in home prices. The states with the highest increases year-over-year were Idaho (30.1%) and Arizona (29.6%).

HPI Top 10 Metros Change

The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

These large cities continue to experience price increases in September, with Phoenix leading the way at 31% year over year.

Markets to Watch: Top Markets at Risk of Home Price Decline

While home price changes on the local level vary, September gains across all of the top 10 metros surpassed their 2020 levels. However, metro areas where affordability constraints are prevalent continue to persist as prices rise. For instance, in September, home prices in San Diego increased 22.6% year over year and are forecasted to increase an additional 6.5% over the next 12 months.

Conversely, The HPI Forecast also reveals the continued disparity in home price growth across metros. In markets like Houston, which was hit hard by the collapse of the oil industry and the recent hurricane season, home prices are expected to decline 1.6% by September 2022.

The CoreLogic Market Risk Indicator (MRI), a monthly update of the overall health of housing markets across the country, predicts that metros such Springfield, Massachusett, and Merced, California are at the highest risk (above 70% probability) of a decline in home prices over the next 12 months. Norwich-New London, Connecticut; Reading, Pennsylvia; and Worcester, Massachusetts are also at high risk (50-70%) of a decline.


CoreLogic HPI features deep, broad coverage, including non-disclosure state data. The index is built from industry-leading real-estate public record, servicing, and securities databases—including more than 40 years of repeat-sales transaction data—and all undergo strict pre-boarding assessment and normalization processes.

CoreLogic HPI and HPI Forecasts both provide multi-tier market evaluations based on price, time between sales, property type, loan type (conforming vs. non-conforming) and distressed sales, helping clients hone in on price movements in specific market segments.

Updated monthly, the index is the fastest home-price valuation information in the industry—complete home-price index datasets five weeks after month’s end. The Index is completely refreshed each month—all pricing history from 1976 to the current month—to provide the most up-to-date, accurate indication of home-price movements available.


The CoreLogic HPI is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the “Single-Family Combined” tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.

CoreLogic HPI Forecasts are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — “Single-Family Combined” (both attached and detached) and “Single-Family Combined Excluding Distressed Sales.” As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index.

About Market Risk Indicator

Market Risk Indicators are a subscription-based analytics solution that provide monthly updates on the overall “health” of housing markets across the country. CoreLogic data scientists combine world-class analytics with detailed economic and housing data to help determine the likelihood of a housing bubble burst in 392 major metros and all 50 states. Market Risk Indicators is a multi-phase regression model that provides a probability score (from 1 to 100) on the likelihood of two scenarios per metro: a >10% price reduction and a ≤ 10% price reduction. The higher the score, the higher the risk of a price reduction. 

About the CoreLogic Consumer Housing Sentiment Study
3,000+ consumers were surveyed by CoreLogic via Qualtrics. The study is an annual pulse of U.S. housing market dynamics concentrated on consumers looking to purchase a home, consumers not looking to purchase a home, and current mortgage holder. The survey was conducted in April 2021 and hosted on Qualtrics.

The survey has a sampling error of ~3% at the total respondent level with a 95% confidence level.

Source: CoreLogic
The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website.

For questions, analysis or interpretation of the data, contact Amy Brennan at  newsmedia@corelogic.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

Illustrated Report Highlights

As a courtesy you can download the national historic HPI data here. (Note: this link is a national historical trend report and not the current month CoreLogic Home Price Insights report).

About CoreLogic

CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC, the CoreLogic logo, CoreLogic HPI, CoreLogic HPI Forecast and HPI are trademarks of CoreLogic, Inc. and/or its subsidiaries.

For More Information
Please email newsmedia@corelogic.com.

Pending sales up 6% | Bedford Hills Real Estate

Strong demand pushed home prices up 14% from a year earlier.

Strong home buying demand continued through the end of August, with pending sales up 6% from a year earlier, even as new listings of homes for sale fell 7% from 2020 levels. Measures of competition, such as the share of homes sold above list price and the number of homes sold in two weeks, are continuing to soften. Still, home prices remain high, up 14% from the same time a year ago.

“More homes were listed this summer, but they were quickly snatched up by home buyers even as bidding wars have become more rare,” said Redfin Lead Economist Taylor Marr. “The market hasn’t cooled off any further than it usually does this time of year, and we expect home buying demand to remain strong through the fall.”

Key housing market takeaways for 400+ U.S. metro areas:

Unless otherwise noted, the data in this report covers the four-week period ending September 5. Redfin’s housing market data goes back through 2012.

Data based on homes listed and/or sold during the period:

  • The median home-sale price increased 14% year over year to $358,250.
  • Asking prices of newly listed homes were up 10% from the same time a year ago to a median of $353,500, on par with where asking prices were in late April. This was down 2% from the all-time high set during the four-week period ending June 27.
  • Pending home sales were up 6% year over year, but down 9% from their 2021 peak hit during the four-week period ending May 30.
  • New listings of homes for sale were down 7% from a year earlier. The number of homes being listed is in a typical seasonal decline, down 16% from the 2021 peak reached during the four-week period ending June 27.
  • Active listings (the number of homes listed for sale at any point during the period) fell 23% from 2020. Active listings were up 14% from their 2021 low set during the four-week period ending March 7, but have declined 3% from their 2021 peak hit during the four-week period ending August 8.
  • 47% of homes that went under contract had an accepted offer within the first two weeks on the market, above the 43% rate of a year earlier, but down 9 percentage points from the 2021 peak set during the four-week period ending March 28.
  • 34% of homes that went under contract had an accepted offer within one week of hitting the market, up from 31% during the same period a year earlier, but down 9 percentage points from the 2021 peak reached during the four-week period ending March 28.
  • Homes that sold were on the market for a median of 19 days, up from the all-time low of 15 days seen in late June and July, and down from 33 days a year earlier.
  • 50% of homes sold above list price, up from 33% a year earlier. This measure has been falling since the four-week period ending July 11, when it peaked at 55%.
  • On average, 4.9% of homes for sale each week had a price drop, up 0.8 percentage points from the same time in 2020, and the highest level since the four-week period ending October 13, 2019.
  • The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, decreased to 101.4%. In other words, the average home sold for 1.4% above its asking price. This measure was down 0.9 percentage points from its peak hit during the four-week period ending July 11 and up 2.1 percentage points from a year earlier.

Other leading indicators of homebuying activity:

Refer to our metrics definition page for explanations of all the metrics used in this report.

Home Sale Prices Up 14% From 2020
Asking Prices on New Listings Up 10% From 2020
Pending Sales Up 6% From 2020
New Listings of Homes Down 7% From 2020
Active Listings of Homes For Sale Down 23% From 2020
47% of Pending Sales Under Contract Within Two Weeks
34% of Pending Sales Under Contract Within One Week
Days on Market Inches Up
Over Half of Homes Sold Above List Price
5% of Listings Had Price Drops
Sale-to-List Price Ratio Drops Further Below 102%
Redfin Homebuyer Demand Index Up 19% From 2020

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Housing affordability index | Bedford Hills Real Estate

As described in a previous post, NAHB’s recently released its 2021 Priced-Out Estimates, showing that 75.1 million households are not able to afford a median priced new home, and that an additional 153,967 would be priced out if the price goes up by $1,000. This post focuses on the related U.S. housing affordability pyramid, showing how many households have enough income to afford homes at various price thresholds.

The pyramid uses the same standard underwriting criterion as the priced-out estimates to determine affordability: that the sum of mortgage payments, property taxes, homeowners and private mortgage insurance premiums should be no more than 28% of the household income.  Based on this, the minimum income required to purchase a $100,000 home is $22,505. In 2021, about 21.1 million households in the U.S. are estimated to have incomes at or below that threshold and, therefore, the maximum priced home they can afford is between $0 and $100,000. These 21.1 million households form the bottom step or base of the pyramid. Another 19.0 million can only afford to pay a top price of somewhere between $100,000 and $175,000 (the second step on the pyramid), and so on up the pyramid. Each step represents a maximum affordable price range for fewer and fewer households.

The top step of the pyramid shows that around 3 million households can buy a home priced above 1.55 million. These comparatively wealthy Americans and the high-end homes they can afford are interesting, but market analysts should never only focus on them to the exclusion of the larger number of Americans with more modest incomes that support the pyramid’s base.

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Home prices up 15%, sales up 26% | Bedford Hills Real Estate

Fueled by record-low mortgage rates and strong demand, existing home sales, as reported by the National Association of Realtors (NAR), rose for a fifth consecutive month in October and reached its highest level in almost 15 years.

Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, rose 4.3% to a seasonally adjusted annual rate of 6.85 million in October, the highest level since November 2005. On a year-over-year basis, sales were 26.6% higher than a year ago.

The first-time buyer share increased to 32% in October from 31% both last month and a year ago. However, price gains threaten this share in the future. The October inventory level fell to 1.42 million units from 1.46 million units in September and is down from 1.77 million units a year ago.

At the current sales rate, the October unsold inventory represents an all-time low 2.5-month supply, down from 2.7-month in September and 3.9-month a year ago. This low level supply of resale homes is good news for home construction.

Homes stayed on the market for an average of just 21 days in October, an all-time low, seasonally even with last month and down from 36 days a year ago. In October, 72% of homes sold were on the market for less than a month.

The October all-cash sales share was 19% of transactions, up from 18% last month but unchanged from a year ago.

Tight supply continues to push up home prices. The October median sales price of all existing homes was $313,000, up 15.5% from a year ago, representing the 104th consecutive month of year-over-year increases. The median existing condominium/co-op price of $273,600 in October was up 10.3% from a year ago.

Regionally, all four regions saw month-over-month gains for existing home sales in October, ranging from 1.4% in the West to 8.6% in the Midwest. On a year-over-year basis, sales grew in all four regions as well, with the Northeast seeing the greatest gain (30.4%).

Though sales have flourished and demand remains strong due to low mortgage rates, the imbalance between housing supply and demand could hamper future sales by driving up home prices and restraining affordability. Though builder confidence soared to all-time high and housing starts at highest pace since the spring of 2007, more listings and home construction are still needed to meet this rising demand.

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Corelogic home prices up 5.5% | Bedford Hills Real Estate

  • Nationally, home prices in July were 5.5% higher than in 2019. That is a marked increase from the 4.3% annual gain seen in June, according to CoreLogic.
  • The average rate on the popular 30-year fixed mortgage fell below 3% for the first time even in July, giving buyers additional purchasing power.

Exceptionally strong demand, historically low supply and record low mortgage rates are combining to fuel the fastest home price growth since 2018.

Nationally, home prices in July were 5.5% higher than in 2019. That is a marked increase from the 4.3% annual gain seen in June, according to CoreLogic.

Falling mortgage rates helped bolster the pent-up demand from spring, when home sales ground to a halt due to the start of the coronavirus pandemic. The average rate on the popular 30-year fixed fell below 3% for the first time even in July, giving buyers additional purchasing power.

Prospective buyers visit an open house for sale in Alexandria, Virginia.

Prospective buyers visit an open house for sale in Alexandria, Virginia

“Lower-priced homes are sought after and have had faster annual price growth than luxury homes,” said Frank Nothaft, CoreLogic’s chief economist. “First-time buyers and investors are actively seeking lower-priced homes, and that segment of the housing market is in particularly short supply.”

The inventory of homes priced under $100,000 was down 32% annually in July, according to the National Association of Realtors. Compare that with the supply of homes priced at $500,000 to $750,000, which was down just 9%.

Of course, all real estate is local, and especially so now as the pandemic is hitting some markets harder than others. Homebuying is gaining significant strength in more affordable suburban and rural areas as buyers seek more space for the new work-and-school-at-home economy. CoreLogic cites Nassau and Suffolk counties on Long Island, New York, where home prices jumped 4.3% annually in July, likely due in part to urban flight from New York City. Prices in the New York metropolitan area rose just 0.4%.

Home prices in San Francisco were also less than 1% higher annually, compared with the Washington, D.C., metropolitan area, which saw prices up over 5%. There is much less flight from the D.C. area than from San Francisco, as tech workers, who can now work from anywhere, leave the latter in search of more affordable homes.WATCH NOWVIDEO02:36Number of evictions set to rise as moratorium expires in 30 states

Economists at CoreLogic predict that homes will stay positive in 2021, but that the gains will weaken, as the initial surge of pandemic buying wanes. Certain markets particularly hard hit by the pandemic could suffer the most. Las Vegas and Miami are notable examples because their economies rely heavily on tourism and entertainment.  

There is also concern that as various mortgage bailout programs begin to expire, there will be a surge in sales of distressed homes. While the market will likely absorb these homes quickly, given the current housing shortage, the additional supply will take some of the heat out of home prices.

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Pending sales up 16.6% | Bedford Hills Real Estate

Pending home sales soared again in June, although the liftoff was relatively shallow compared to the 43 percent increase in May. The National Association of Realtors’® (NAR’s) Pending Home Sales Index (PHSI). The index, a forward-looking indicator based on contracts to purchase existing homes, rose 16.6 percent compared to May, and increased year-over-year by 6.3 percent. The index is now at 116.1.

The two months of improving activity have brought the index back from its April level of 69.0 where it landed after falling by more than 20 percent in both that month and in March as much of the nation was shut down by the COVID-19 pandemic.

The gains were above even the best guesses by analysts polled by Econoday. Their predictions ranged from a 10 percent downturn to gains of 15.6 percent. The consensus was an increase of 5.2 percent.

Lawrence Yun, cheif economist says, “Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary policy.”

In light of the apparent housing market turnaround, NAR has raised its forecast for the home sales market. For all of 2020, existing-home sales are expected to decline by only 3 percent and should be at an annual rate of 5.6 million by the fourth quarter. The same percentage increase is expected for new home sales.

Yun says he expects that the GDP will grow 4.0 percent in 2021 and that, along with mortgage rates that are anticipated to stay at near 3 percent over the next 18 months, should boost home sales. He projects a 7 percent growth in existing sales and 16 percent in new home sales in 2021. Home prices will likely appreciate 4 percent this year then moderate to 3 percent next year as more new supply comes to market.

Each of the four major regions experienced a second month of growth in month-over-month pending home sales transactions. The Northeast, which saw a 54.4 percent gain from May was the only region that did not move higher on an annual basis. Its PHSI is now at 95.4, down 0.9 percent from June 2019.

Pending home sales in the South increased 11.9 percent to an index of 140.3, 10.3 percent above a year earlier. The index in the West improved by 11.7 percent to 99.6, a 4.7 percent annual gain.

“The Northeast’s strong bounce back comes after a lengthier lockdown, while the South has consistently outperformed the rest of the country,” Yun said. “These remarkable rebounds speak to exceptionally high buyer demand.”

Yun says that as house hunters seek homes away from bigger cites – likely to avoid the coronavirus – properties that were once an afterthought for potential buyers are now growing in popularity.

“While the outlook is promising, sharply rising lumber prices are concerning,” Yun said. “A reduction in tariffs – even if temporary – would help increase home building and thereby spur faster economic growth.”

The PHSI is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. Existing-Home Sales for July will be reported August 21.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

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