ECONOMIC PERSPECTIVES
AT THE QUARTER POLE:
A LOOK AT HOUSING ACTIVITY IN NEW YORK AND NEW JERSEY
Authored by Brian Jones, FHLBNY Financial Economist

Highlights: 

May 20, 2019 

  • Existing home sales in New York and New Jersey appear poised for a spring rebound
  • Tight supplies will continue to constrain local home purchases over the foreseeable future
  • Median home prices remain on uptrends, reducing buyer affordability
  • Despite higher selling prices, supply logjam will not end anytime soon
  • Price increases may slow, yet the Empire and Garden States will largely remain sellers markets

Constrained by a variety of factors - reduced affordability, limited supplies and inclement weather conditions - closings on existing dwellings in New York and New Jersey averaged almost...

 

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