Westchester County Home Prices and Sales Decline

Prices Continue to slide in all markets across Westchester County NY. Sales fell for all areas of housing. . According to Westchester-Putnam Multiple Listing Service. The decrease was in double digits

Inventories of housing of all kinds were lower at the end of June. The MLS said this was due to discouraged sellers who were not motivated to sell their homes at the current market rate.

For buyers, the opportunities continue to arise, with more affordable prices and lower interest rates, in addition to the First Time Buyer tax credit of $8,000.

Nationally Housing showed a sign of an upswing, According to the National Association of Realtors, but this may be temporarily.

However the reality is that prices will continue to fall into the next year, because of a backlog of foreclosures that have yet to come on the market. The median sales price was $181,000 last month, down 15% from last year.

The Westchester-Putnam MLS said that this year’s sales performance would match that of the early 1990’s if the second quarter trends continue.

The Higher unemployment rates will also affect the market values and desire of consumers to act.

Foreclosures and Short Sales are high, and are continuing to increase daily. This will affect the value of the market in Westchester County. The Good News is that mortgage rates remain historically at low levels running between 5.5 and 5.8 percent for a 30 year fixed conforming loan.

We all need to work together in this. This will Pass and the Market will change. It will be a New market, and we will need to adjust. Our attitude has alot to do with how we see the whole picture.

Stay Positive and Focused, and Stay in the Process you are in.

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