The Westchester housing market has experienced the most active second quarter in 8 years. Inventory continued to fall, reaching an 8-year low for the spring market. With a brisk pace of signed contracts in the second quarter, we expected a high level of closings in the next quarter and limited new inventory to enter the market. However, the shortage of supply has only caused a slight gain in prices. We see rising interest rates as a sign of an improving economy and anticipate continued improvement through the rest of the year.
The Putnam housing market followed the region-wide trend with the surge in sales and decrease in inventory compared to the last year's levels. Although housing prices slipped and marketing time expanded, the market continued to show general stability as it has over the past two years. We expect to see this market continue to move sideways over the next several quarters.
Produced in conjunction with Miller Samuel, a leading independent appraisal firm, our market report series is the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. Each report provides an analysis of price and sales trends as well as many other metrics to give readers an idea of current conditions as well as historical and emerging market trends.
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